London Partners brothers re-emerge under AFS licence
The sons of the principal of a Melbourne advice firm currently under receivership have started up another firm under the licence of dealer group Australian Financial Services (AFS).
Adrian and Adam Rowley worked alongside their father Steven Rowley, principal of London Partners, which was put into receivership in July this year by Macquarie Bank.
Receiver Pitcher Partners has instructed broker Kenyon Prendeville to conduct the sale of London Partners, an announcement about which, according to director Alan Kenyon, will take place in the “very immediate future”.
London Partners is understood to have had $400 million in client funds under management and employed five planners at its peak before the global financial crisis.
Adam and Adrian Rowley established FYM Financial under the AFS licence on July 1 this year and have been operating from AFS’ Collins Street premises since then.
Adam Rowley told Money Management he was “not in a position to say anything at this stage, except that we have nothing to do with London Partners”.
AFS chief executive Peter Daly said Adam and Adrian Rowley “were two very dynamic young men that had put forward a very strong business plan to us, and were accepted into AFS purely on this basis”.
“We were happy for them to come on board on the understanding they would work with our APLs, and come under our compliance regime, and, it should be said, we have never had a PI claim in our existence.”
He said the two Rowley brothers were also told that “under no circumstances are they to contact any client of London Partners to bring any business across from the firm”.
Recommended for you
A former Northern Territory financial adviser has received a seven-year ban from ASIC, having been convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale.
Both Bain Capital and CC Capital have made revised bids for Insignia Financial after completing a period of due diligence.
The advice industry has reached triple-digit gains for the calendar year to date, with two licensees seeing gains of five during the week.
Targeting market leadership in digital advice, Bravura’s digital solutions are now available to over 6 million superannuation fund members.
