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
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
