Perpetual gets nod from Treasurer for Trust deal
Perpetual has received approval from the Federal Treasurer Joe Hockey to acquire The Trust Company under the Scheme Implementation Agreement between the two companies.
The approval follows last week's announcement from the Australian Competition and Consumer Commission that it would not oppose the acquisition, and that The Monetary Authority of Singapore has no objections to the change of holding structure of The Trust Company (Asia) which would occur as part of the acquisition.
Perpetual stated that it is still waiting on approval from the New Zealand Overseas Investments Office and expects this by the end of this month. A meeting of Trust shareholders has been slated for late November, with completion of the acquisition by mid-December.
Recommended for you
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
