Deakin reveals acquisition talks with AustChoice
DeakinFinancial Serviceshas confirmed speculation it is in discussions withAustChoice Financial Servicesregarding a possible acquisition, after an announcement to theAustralian Stock Exchange.
“We are in preliminary discussions with AustChoice. They have substantial funds under administration, so a merger has obvious attractions and would give us a strong platform on which to move forward,” Deakin executive chairman Rob Hunwick says.
“[However] at this point the discussions are at a preliminary stage and no terms for the acquisition have been settled or agreed by the parties,” he adds.
Deakin has $300 million in funds under advice (FUA) compared to AustChoice’s more than $1 billion under advice.
Hunwick says it was AustChoice, which holds close to nine per cent of Deakin’s listed stock through its administratorSMF Funds Management, which made the approach for a possible deal.
Hunwick adds the main issues on reaching a deal, which he expects to happen “fairly soon”, will centre on price — likely to involve some form of stock option — and the business strategy going forward.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
