Perpetual sells out of ISG
Investor Security Group(ISG), the financial planning practice headed up by high profile planners Robert and Glenese Keavney, has returned to full independent ownership afterPerpetual Trusteessold its share of the group back to ISG.
Perpetual Trustees gained approximately a 50 per cent shareholding of ISG in 1997 as part of a combined push by the two groups to develop a back office service now called Perpetual Portfolio Services (PPS).
According to Robert Keavney, Perpetual and ISG decided to separate as they were both working within the high net worth client market and the two agreed it was more appropriate for each business to seek its own directions.
Despite the separation, ISG has fully outsourced its back office to PPS and will also use the Perpetual service for its wrap account.
The sale means ISG is now held with a controlling interest by the Keavneys while the remainder of the business is owned by current or retired advisers and staff who have been able to purchase equity in the group since 1988.
Keavney, the principal planner and managing director of ISG, says with the change in ownership ISG plans to further position itself to offer planning services to high net worth clients.
“Our business is growing strongly, in contrast to the downturn experienced by most of the industry. We achieved our annual budget of new funds inflow in the first five months of the year. We are now considering a range of options to facilitate this rapid growth”, Keavney says.
“It is certainly against the trend for dealers to buy their independence from a parent institution. Generally the opposite happens. We feel this positions us well to meet the needs of the discerning investor.”
AUTHOR
Jason Spits
Recommended for you
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
Building a network of mentors and coaches with varied skill sets could help women achieve their career goals, according to an FBAA executive.
AMP has reported its Q3 results and provided a progress update on the divestment of its advice division to Entireti.
