Direct Portfolio to merge with Pentafin
Direct Portfolio has announced that it will be merging with Pentafin, with Pentafin chief executive Connie McKeage running the new organisation.
Direct Portfolio director Nick Basile who is also the chief executive of Ascalon Capital Managers, said the merger was intended to give the new entity the ability to deliver innovative investment solutions.
McKeage said the strategic fit between the two companies was extraordinary, with Direct Portfolio benefiting from Pentafin’s deep investment management and broking experience and track record in the development of high-end technology.
“Equally, Pentafin is merging with a business that has been at the forefront of the managed accounts industry for over a decade,” she said.
Both companies are close to completing the necessary due diligence on the transaction.
AUTHOR
Mike Taylor
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
