PIS Asia deals to go ahead
By Zoe Fielding
ProfessionalInvestment Services (PIS) will next week finalise a deal to take an equity stake in a Malaysian financial planning practice, and is poised for further expansion across Asia.
Chief executive Robbie Bennetts said the group would take a 20 per cent equity stake in the 150-strong Malaysian business.
He expects to close the deal next week, but said he was not sure how long it would take for formalities to be completed with Malaysian authorities.
Bennetts said PIS was planning to set up a wrap account in Malaysia.
PIS is also working to expand its Hong Kong operations.
Bennetts said decision-makers from two Hong Kong planning practices, with a total of 60 staff, will visit Australia soon to learn about PIS local operations.
The dealer group hopes to take a 50 per cent equity stake in one practice and a 30 per cent stake in the other.
One of the Hong Kong practices also has operations in China, which the group saw as a way to enter the Chinese market.
Bennetts said the Hong Kong practice targets ‘mum and dad’ investors, which formed a large market in China, but one that is accompanied by dangers.
“We are very aware of the complexities of a foreign company going into China,” he said.
Bennetts said partnering with a Hong Kong practice to enter China would help overcome language barriers.
He anticipated the addition of two new practices would help the current PIS planning practice in Hong Kong, which has only two staff, meet demand.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
