Spring FG moves to IPO


Just weeks after appointing a new chairman, diversified financial services company Spring FG has confirmed it has started the process for a publicly listing on the Australian Securities Exchange (ASX).
The company announced late on Thursday that it had opened pre-registration for a prospectus and was preparing to lodge with the Australian Securities and Investments Commission (ASIC) in relation to an initial public offering.
In an announcement confirming the move, Spring FG managing director, Keith Cullen said the IPO would be open to both members of the public and clients of Spring Financial Group including database members of the Wealthadviser Financial Education library.
The company's share offer prospectus is expected to be available either later this month or in early December.
Spring FG last month announced that former Macquarie Private Bank head, Guy Hedley had been appointed as chairman and flagged an acquisition strategy, particularly focused on advice and accounting practices.
It also announced it had appointed KTM Capital to advise on its growth and acquisition plans.
Recommended for you
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.