ING Australia acquires Pinnacle Partners

3 June 2008
| By George Liondis |

ING Australia has acquired a 100 per cent stake in the Melbourne-based dealer group Pinnacle Partners.

Pinnacle Partners will be fully absorbed into ING’s own financial planning group, Millennium3 Financial Services.

ING Australia chief executive officer Harry Stout said the acquisition was part of an ongoing strategy of making strategic acquisitions to increase ING’s distribution footprint in the Australian wealth management industry.

On May 23, 2008, ING announced the purchase of Zurich’s advisory group, Financial Lifestyle Solutions (FLS), which was also absorbed into Millenium3.

Pinnacle Partners has 20 advisers across 13 practices, and total funds under management of $545 million.

“We are delighted to welcome Pinnacle Partners under the ING Australia umbrella.

Millennium3 is one of the fastest growing dealer groups in the industry, and this acquisition is a great opportunity for the advisers and clients of Pinnacle Partners to benefit from the additional value and services that can be provided by Millennium3,” Stout said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 1 day ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

2 weeks 6 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 3 days ago