Souls expands financial services footprint
Souls Private Equity has confirmed that it now controls 25 per cent of financial planning firm, Wealth and Retirement Solutions (WRS) via its holding in associated company, Supercorp Pty Ltd, with a five year call option over the remaining 75 per cent.
The position was made clear in an announcement to the Australian Stock Exchange that Supercorp had completed the acquisition of 100 per cent of Supa-Funds, a Brisbane-based administrator of self managed superannuation funds.
The announcement said that the acquisition of Supa-Funds would complement Supercorp’s subsidiary Proven Superannuation Fund Management and increase the number of funds administered by Supercorp to approximately 1,800.
It said that the transaction made Supercorp the fifth largest administrator of superannuation funds in Australia.
The announcement said that Wealth and Retirement Solutions was a Townsville-based financial planning business with offices in Townsville and Brisbane.
It said the acquisition of the interests in Supa-Funds and WRS had been funded by Supercorp through the issue of Supercorp shares and the use of cash subscribed by Souls Private Equity Limited in June, last year.
AUTHOR
Mike Taylor
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.
