PIS set to expand in USA/Canada
Professional Investment Services (PIS) is evaluating a number of potential acquisitions in North America following the successful integration of its Canadian operation.
Last year PIS acquired Alberta-based Generation Financial Corporation, which had 107 advisers spread over five provinces with funds under administration of $1 billion, and re-branded it as PIS Canada.
PIS chief executive Robbie Bennetts said the success of this venture had convinced the company it was time to expand.
“We have seen with our Canadian operation that PIS can cut it with the best operations in North America,” he said.
“Another acquisition in Canada or the USA would allow us to rapidly expand operations in those markets while capitalising on the synergies of our existing Canadian group.”
Talks with various possible targets have been initiated, however PIS is yet to decide upon a purchase.
The Australian dealer group also has operations in Hong Kong, Malaysia, China, Singapore and New Zealand.
AUTHOR
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
