GPL no longer counting on Abacus
Dealer group Godfrey Pembroke Limited (GPL) has sold down a majority stake in its unlisted property trust venture, Abacus Funds Management Limited.
The deal has led to a group comprising GPL director David Bastian and another three investors taking up a controlling stake in the property funds manager and syndicator.
GPL will retain a "strategic 20 per cent interest" in Abacus, according to the group's managing director Ian Showman.
"Abacus is no longer a subsidiary (of GPL) as we've sold a 50 per cent share in the business," Showman says.
"That means we recognise that our core business is in distribution and master trust operations, though we will retain a strategic interest (in Abacus)".
Bastian, the former managing director of Pembroke Financial Planners Limited, currently retains a seat on the GPL board.
He says Abacus, which manages a number of unlisted property trusts and around $250 million in property syndication deals, will look to enhance its unique product base and market its products beyond the Godfrey Pembroke distribution base.
Recommended for you
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
Building a network of mentors and coaches with varied skill sets could help women achieve their career goals, according to an FBAA executive.
AMP has reported its Q3 results and provided a progress update on the divestment of its advice division to Entireti.