Madison Financial sale complete
By Mike Taylor
The sale of Madison Financial Group to Clime Asset Management is complete.
OneVue announced to the Australian Securities Exchange (ASX) today that the transaction had been completed with the consent of major Chinese creditor, Taiping Trustees Limited.
It said the sale proceeds received at completion of $2.26 million had been paid into a controlled moneys account to be held until China-Taiping’s claim over the total sale proceeds which One Vue disputes and China-Taiping’s review of the costs of the Madison Financial Group receivership were resolved.
“In accordance with the share sale deed, further sale proceeds of $2.5 million are held in escrow subject to a two-year escrow arrangement which reduces to $1.25 million after 12 months,” it said.
The Madison sale completion to Clime was flagged on social media over the weekend by chief executive, Annick Donat.
Recommended for you
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
