Hillross acquires Iris Financial Group
AMP-backed Hillross Financial Services has acquired dealer group Iris.
Hillross managing director, Hugh Humphrey said the deal would see all 37 Iris financial advisers in NSW, Victoria and Tasmania become Hillross authorised representatives from August.
He said the transaction would allow Hillross to take on all 12 Iris practices, 37 advisers and $2.2 billion in funds under advice.
“Iris offers Hillross a strong professional and cultural fit with an aligned target market and advice process that will significantly grow the Hillross business,” Humphrey said. “This represented one of the few opportunities to acquire a high quality non-institutionally aligned licensee of reasonable scale to join our business.”
He said that as part of the transaction, the 12 Iris practices would join the Hillross licensee, retaining their self-employed business model.
AUTHOR
Mike Taylor
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