MDS Financial acquires MINC assets
Publicly listed MDS Financial Group has acquired the online trading business, national client lists, private client business and advisory assets of the collapsed MINC Financial Services.
MDS announced the acquisition to the Australian Securities Exchange late yesterday, confirming that under the terms of the deal with the MINC Financial Services administrator, it would be accommodating MINC’s advisers in Townsville, Bunbury, the Gold Coast and Melbourne.
MINC moved into voluntary administration nearly a month ago, and MDC Financial chief executive Damian Isbister made clear the acquisition did not include MINC’s debts, liabilities or infrastructure.
“We believe the assets we are taking on will quickly yield revenue exceeding the costs of the acquisition,” he said.
He said MDS Financial was working closely with Penson Financial Services Australia to ensure minimal disruption to clients during the transition period.
The MDS announcement said clients’ securities holdings and cash accounts remained unaffected because they were maintained by the relevant CHESS sponsor, Penson Financial Services Australia, and bank cash management accounts.
MDS is a leading supplier of online trading, charting and analysis software and Isbister said the acquisition continued his company’s push into the share broking industry while bringing some very capable people into the business.
“The MINC online trading and advisory business units are a natural fit with our existing subsidiaries – Trader Dealer Online and D2MX stockbroking,” he said.
AUTHOR
Mike Taylor
Recommended for you
The financial advice industry has enjoyed another week of strong new entrant numbers, totalling nearly 40 for the past fortnight, thanks to the latest exam passes.
Momentum Media’s wealth publishing network – comprising InvestorDaily, ifa, SMSF Adviser, Money Management, and Super Review – is proud to launch the annual Australian Wealth Management Awards.
Investment information firm Equity Story has signed a binding heads of agreement to acquire South Australian financial advisory and stockbroker Baker Young for $4.2 million.
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
