Millennium3 buys Mawson Group
ING dealer group Millennium3 has acquired Adelaide-based dealer group Mawson Group, following approval of the transaction by Mawson shareholders yesterday.
Other conditions of the sale, which was exclusively reported in Money Management on April 5, are expected to be satisfied by June 30 this year.
The sale will see Mawson’s 104 advisers (from both Aurora Financial Services and Mawson Securities) transferred to Millennium3 over the next few months.
Mawson Group is a national dealer group with $42 million in-force risk premium, and $800 million in funds under advice.
The acquisition will expand Millennium3 to 600 advisers, $180 million in-force risk premium, and $5 billion in funds under advice.
Millennium3 joint managing directors Darryl Foster and Barry Martin said the deal will “provide greater scale for our proven business model of leveraging links with other advice professionals, including general insurance brokers and accountants”.
They said that following the acquisition ING will have “one of Australia’s largest networks of advisers in a balanced portfolio of advice groups, each with its own distinct business model to suit particular advisers and market segments”.
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