Many financial planner’s eyes will today be on OneVue and the future of financial planning dealer group Madison in circumstances where OneVue entered a trading halt on Friday closely followed by publicly-listed financial services group, Sequoia.
OneVue had signalled to the market more than a month ago that it intended completing the sale of Madison before the end of May as it sought to consolidate its position after the collapse of Sargon.
Sequoia Financial Group was also impacted by the collapse of Sargon but in Friday’s trading halt request to the Australian Securities Exchange (ASX) it said that the reason for seeking the halt was the pending release of a material announcement “regarding an acquisition”.
Sequoia only recently completed the acquisition of the financial planning elements of Yellow Brick Road.
Sequoia said it expected to make an announcement before the start of trading on Tuesday.