MDS completes Sequoia Financial acquisition
Publicly-listed corporate advisory and capital markets group, MDS Financial Group, has completed its acquisition of specialist self-managed superannuation fund (SMSF) group, Sequoia Financial Group, to create what it is describing as a vertically-integrated financial services company.
At the same time the company has signalled it is considering further acquisitions.
MDS announced completion of the transaction to the Australian Securities Exchange (ASX) today saying that the resultant entity would deliver a unique portfolio of products and services for financial advisors, accountants, mortgage brokers and self-directed investors.
The announcement specifically referenced being well-positioned to take advantage of the anticipated ongoing growth in the SMSF sector and "also from the demand driven by increased activity amongst self-directed investors".
The announcement said that the first meeting of the Board of the combined group had seen Richard Symon elected as executive chairman while Scott Beeton had been appointed chief executive and managing director.
Commenting on the transaction, Beeton said the company was well-placed to take advantage of the widely anticipated growth in the SMSF sector and its ability to cross-sell a wide range of specialised products and services to a large combined client base of approximately 15,000.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
