PIS listing a done deal
Professional Investment Holdings (PIH) will soon join the likes of competitors Count Financial and WHK, becoming a listed entity via its merger with Centrepoint Alliance.
The New South Wales Federal Court yesterday approved Centrepoint’s plans to acquire all the shares in PIH, following last week’s in-favour vote by PIH shareholders.
The implementation date for the merger of the companies is 13 December.
Centrepoint Alliance managing director Tony Robinson (pictured) will remain as managing director of the merged group, having first taken the reins of Centrepoint in July last year. Robinson’s background is in the financial services industry, most notably as chief executive of IOOF Holdings and managing director and chief executive of OAMPS Limited.
The merged board will, after a period of transition, be comprised of two Centrepoint and two PIH representatives, and chaired by a mutually agreed independent chairperson. PIH shareholders will hold 75 per cent of the shares in the merged entity.
Centrepoint and PIH announced their intention to merge in April after what had been a financially tumultuous number of years for both groups.
Currently, Centrepoint has only one business unit, which lends money to small businesses for the payment of insurance premiums. The group markets that business through its relationships with insurance brokers. The merger with PIH will see Centrepoint become a more diversified wealth management business, including funds management and other lending streams. The merged company will also own one of the biggest financial planning and accounting networks in the country.
PIH and its financial planning subsidiary Professional Investment Services, meanwhile, will find itself exposed to the scrutiny that goes with being publicly listed.
Recommended for you
The financial advice industry has enjoyed another week of strong new entrant numbers, totalling nearly 40 for the past fortnight, thanks to the latest exam passes.
Momentum Media’s wealth publishing network – comprising InvestorDaily, ifa, SMSF Adviser, Money Management, and Super Review – is proud to launch the annual Australian Wealth Management Awards.
Investment information firm Equity Story has signed a binding heads of agreement to acquire South Australian financial advisory and stockbroker Baker Young for $4.2 million.
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.
