Mariner Financial turns to deconsolidation
Mariner Financial has announced the deconsolidation of its struggling Mariner Treasury business and will likely do the same with two of its property trusts after admitting in September that its business model was no longer sustainable.
In a statement to the Australian Securities Exchange, the company said it believed the Mariner German Property Trust and Mariner Japan Property Trust, which are both owned by Mariner Treasury, should be deconsolidated due to the aggregate value of the trusts’ assets decreasing by $18.5 million since June 30.
An earlier announcement revealed that receivers and managers had been appointed to Mariner Treasury, a wholly owned subsidiary of Mariner Financial.
The company indicated that the impact from deconsolidating the two trusts would be a reduction in net assets of $900,000 for the group, bringing its balance sheet to $62.9 million (based on its June 30 results).
In reporting its full year results for the last financial year, Mariner Financial said in September that “the market deterioration has greatly impeded the company’s ability to create a satisfactory long-term scalable business operation”.
“This business model is not sustainable in the current environment.”
Recommended for you
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
South Australian financial advice and accounting business Perks has extended its paid parental leave program from 12 to 26 weeks, putting it on par with big four firms.
Mason Stevens has tapped Investment Trends’ head of growth, alongside two other hires, to bolster its distribution team.
