Bendigo and Adelaide Bank has declared itself ready to expand its wealth management business on the back of finalising its acquisition of a 24 per cent stake in Linear Asset Management.
Bendigo and Adelaide Bank moved to buy the stake in Linear in August, and announced the completion of the transaction today. Bendigo and Adelaide Bank executive for wealth and third party banking, John Billington, said it provided an ideal opportunity to leverage the group’s retail and third party wealth distribution.
Billington added that the equity stake gave the banking group access to a proprietary information technology system and a new generation independent platform that was experiencing strong growth.
“We are very impressed with Linear’s ability to utilise open architecture that shortens the standard development time for enhancements, and we consider that to be a key advantage over many competitor platforms,” Billington said.
