Count Financial ups stake in Mortgage Choice
Dealer group Count Financial yesterday increased its minority stake in Mortgage Choice, buying 1.5 million shares in the franchise group.
The latest purchase increases Count's stake from 15.27 per cent to 16.48 per cent (equal to 19,597,464 shares) and will keep the rumour mill turning about a fresh takeover bid for the franchise group.
It follows a meeting between Mortgage Choice chief executive Michael Russell and Count Financial chairman Barry Lambert on May 15.
Both said the meeting was set up purely to get to know each other.
Since taking over as Mortgage Choice boss, Russell has made it clear he is looking for strategic alliances and possible acquisitions.
Count Financial, primarily a financial planning business, owns wholesale aggregator Finconnect.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
