Perpetual ups ante in mortgage sector
Perpetual has moved to increase its presence in the mortgage services sector with the acquisition of National Lending Solutions (NLS) from online financial services provider Infochoice.
The acquisition of NLS was the second purchase by Perpetual in the mortgage services sector following the Wignalls Lenders Mortgage Services acquisition in February 2007.
Perpetual’s group executive, corporate trust, Phil Vernon said the NLS acquisition was further evidence of Perpetual’s strategy, most recently outlined in the Chairman’s May Letter to Shareholders, to provide a comprehensive range of services to the securitisation and lending markets.
Infochoice today confirmed the completion of the transaction based on an initial payment of $3 million being received by the company and a further $500,000 being paid within 90 days.
Confirming the sale to the Australian Stock Exchange, Infochoice said it would allow the company to focus on the expansion of its business of providing information about retail financial products, services and related infomedia products to consumers and businesses.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
