NEWS UPDATE: Prosperity merges with Queensland firm, doubles numbers
Prosperity Advisers is merging its Queensland office with Cansdale and Co, a specialist accounting and business advisory firm to small and medium-sized companies, doubling its staff to more than 160 across Brisbane, Sydney, and Newcastle.
Chief executive of Prosperity, Allan McKeown, said that the large baby boomer demographic in Queensland would create new business ventures and retirement schemes that Prosperity was well placed to take advantage of, and Cansdale would provide a strong growth platform for Prosperity’s business.
“The decision to partner with a specialist SME practice such as Cansdale was largely driven by the strong macro-economic fundamentals underpinning the opportunities for professional service firms working within the Queensland SME (small to medium-enterprise) economy,” McKeown said.
The acquisition will include Cansdale Management Services, which provides outsourced back-office administration services such as handling financial transactions, database design, and client investment reporting systems for boutique investment funds managers and high-net-worth individuals.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
