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
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
