AFS buy-back complete
Australian Financial Services (AFS) is now standing on its own two feet as an independent dealer group, following its 39.7 per cent shareholding buy-back from Zurich Financial Services Australia (Zurich).
The transaction follows requests by AFS’ advisers.
AFS chief executive officer Peter Daly said today’s announcement marked an exciting milestone in AFS’ history.
“We now look forward with enthusiasm to the future as our organisation embarks on the next challenging phase and implements its business and growth strategies for 2006 and beyond,” he said.
“However, we will continue to maintain and build on our relationship with Zurich as it has contributed to AFS’ past success and benefited our advisers and their clients.”
A Zurich spokesman said it would be “business as usual” regarding the ongoing relationship, because despite its previous shareholding in the company, Zurich did not have any direct involvement concerning decisions about AFS.
“We have a very close relationship with AFS dealers and advisers and that will continue through them using our products,” he said.
AFS shareholders have also voted to change the business’ name to AFS Group.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
