Advisers buy into dealer group
Peter Daly
Senior members of national dealer group The Salisbury Group (TSG) have taken a stake in the group, made possible by a recent equity participation offer.
TSG offered 15 per cent of the dealer group’s equity to its senior advisers, with a further 5 per cent retained for practices that may join in the future.
In July last year, Australian Financial Services Group (AFS) acquired a significant holding in TSG.
AFS Group chief executive and managing director Peter Daly said that in many large dealer groups there is “growing disquiet” among financial planners who “feel they have no real say in the business and are only provided with a token voice”.
TSG chief executive Mark Euvrard believes the equity subscription gives AFS a point of difference in the marketplace and one that is attractive to “mature practices”.
TSG was established in 1999 and has more than $700 million in funds under management. TSG and AFS continue to operate under their own licences, brands and offices.
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