Challenger has continued its buying spree with the purchase of a stake of Adelaide-based David Garry Holdings.
Challenger has continued its buying spree with the purchase of a stake of Adelaide-based David Garry Holdings.
Under the terms of the deal, Challenger will issue the financial services provider to accountants and lawyers 20 million shares and recieve 46.5 per cent of the group.
Challenger director Rodger Bacon says the purchase is aimed at boosting the group’s distribution channels in the accounting and legal professions and give it a leg up into the rapidly growing self managed superannuation sector.
“(It) will expand Challenger’s distribution support services in the professional ac-counting area,” he says.
Bacon says Challenger may also seek to integrate certain aspects of the firm into its other businesses, such as offering financial planning partnerships with David Garry’s accounting clients.
David Garry has strong links with the accounting and legal professions, with about 4000 users of its corporate services facility.
