Mariner Financial sells off another arm
Mariner Financial is preparing to sell Mariner Credit Corporation to Pentagon Properties Group, a subsidiary of the 360 Capital Group.
Mariner Financial has entered into a conditional contract for the sale of Mariner Credit Corporation to Pentagon for a purchase price of $3.7 million. This includes Pentagon’s acquisition of the Mariner Lifestyle Bonds.
The conditions on the contract include the transfer or repayment of Mariner Financial’s $7.1 million loan via the restructure of Mariner Credit Corporation, and the novation of Mariner Retirement’s Solutions $1.3 million loan to Pentagon, among other conditions.
360 Capital/Pentagon will attempt to add value for Mariner Credit Corporation’s bondholders through initiatives such as a review of the bonds on offer and a possible rebalancing of the Australian real estate investment trust portfolio.
Following the transaction, Mariner Credit Corporation will change its name to Pentagon Capital.
AUTHOR
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
