MFS confirms City Pacific offer
The financial services assets of MFS Limited may be acquired by City Pacific Limited.
MFS today confirmed to the Australian Securities Exchange that it had received an approach from City Pacific Limited that could result in an offer to acquire assets with MFS’ financial services business.
It said MFS had agreed to allow City Pacific to undertake due diligence on those assets, which include the Premium Income Fund.
MFS chief executive Craig White said discussions with City Pacific would be held in conjunction with the strategic review of MFS’ business, including a review of its financing and operating structures.
Recommended for you
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.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.