Fund manager looks for financial planning investments
Listed funds management company MMC Contrarian has reinforced its intention to invest further in asset management and financial advice businesses.
The company’s chief executive, Alexander Hutchison, used an address to the company’s annual general meeting today to confirm a change of strategic direction aimed at widening access to the financial services value chain.
He said the company had undertaken a strategic review in August but that this had now been broadened to allow it to directly participate in the wider financial services industry by allowing the company to create, invest and acquire financial services businesses and generating returns for shareholders from operating and growing its financial services businesses.
Hutchison said this would result in less emphasis being placed on investment earnings.
He pointed to the growth in the Australian private retirement savings market and superannuation market and said that wider participation in the financial services industry would allow MMC Contrarian the opportunity to directly participate in the mandated growth of Australia’s superannuation balance sheet.
“The types of financial services business we are primarily interested in are asset management and financial advice,” Hutchison said.
“However, we will not limit ourselves to those particular parts of the value chain if the right opportunity presents itself.”
AUTHOR
Mike Taylor
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
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.
