ChifleyFinancial Planning and Monitor Money have finalised a deal in which $100 million of Chifley client files have been sold to Monitor Money for $4.25 million.
The agreement was struck last December but has only concluded recently after a run off period in which the files and client business was transferred to Monitor Money.
The deal was signed off before the two groups went through a number of key changes, with Monitor Money’s parent group Spicers being purchased by AXA. Since then, Chifley has also been restructured after the Local Government and Energy Industry Super Schemes both purchased an equal stake in the group, after Aberdeen sold its interest in the group.
The sale of the files was the result of a longstanding agreement between Chifley and Monitor Money in which the latter would supply financial advice to overflow clients of Chifley. The deal had been signed a number of years ago and remained in effect until the deal was made to permanently transfer the files to Monitor Money.
Speaking on behalf of the Monitor Money group, AXA head of distribution Neil Swindell says AXA was happy to continue with the transaction when it purchased Spicers, as it felt the deal was a good move.
“When we were buying Spicers, Monitor Money had already agreed to the deal and we did due diligence and saw, and felt that it was a sound deal. The move cleans up our relationship with Chifley,” Swindell says.
He says that at the conclusion of the deal, 80 to 90 per cent of the funds involved had made the move across to Monitor Money from Chifley.
At the time of going to press Chifley Financial Planning had not yet formally responded to requests fromMoney Management,with a number of senior figures unwilling to confirm that the deal had actually taken place.
