Equity offer boosts TSG
National financial planning dealer group The Salisbury Group (TSG) has set aside a further 5 per cent of equity as part of its expansion strategy after the successful introduction of an equity subscription last year.
TSG chief executive Mark Euvrard said that the initial 15 per cent equity offering to senior advisers had been fully subscribed — something that he regarded as an endorsement of the group’s approach, and that a further 5 per cent had been set aside for new recruits.
Commenting on the group’s results over the past financial year, Euvrard said that by carefully aligning its boutique market offering to a very specific segment of the marketplace, TSG had recorded another successful year and had maintained the strong profit results obtained in the previous financial year.
He said that in the 12 months to the end of June, the dealer group had recruited eight new practices, with a further three having joined since July 1 this year.
AUTHOR
Mike Taylor
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.
