AFS remains acquisitive
Independent dealer group Australian Financial Services Group (AFS) is considering acquisition opportunities of both dealer groups and other businesses that could create alternative revenue streams for the group, according to chief Peter Daly.
Daly said the group was currently undertaking due diligence on one "large" dealer group, albeit one that is smaller than AFS' 226 advisers.
Daly said the group had also recently looked at acquiring a number of smaller dealer groups in recent months, but in each case had been outbid by a financial institution.
While there are still high numbers of dealer groups up for sale, Daly said the group was also considering the acquisition of businesses that could create alternative income streams for the group. This could include the addition of general insurance or mortgage aggregation services to the group's adviser practices.
Any potential acquisitions would be funded through a combination of the group's capital and bank funding, while a capital raising could also be on the cards.
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