Self-Managed Superannuation Funds administration provider Class has made a strategic investment in managed discretionary account (MDA) services provider, Philo Capital Advisers.
Class has announced to the Australian Securities Exchange (ASX) that it has made an initial investment in Philo of $1.5 million with a further $2.5 million to be invested by 31 March, next year, with an option to increase its equity ownership to 100 per cent in the longer term.
Class Strategic Alliances director, Glenn Poynton said the partnership with Philo was an important strategic step for Class in the broader wealth management space.
“Class and Philo are well aligned, both delivering highly differentiated services that enable client firms to provide better business and investor outcomes,” he said.
Philo Capital Advisers principal, Brett Sanders said the collaboration with Class would significantly accelerate growth and make Philo an even more attractive partner to advice groups, platforms, asset consultants and investment managers.
