Andersen to expand
Then there were three. In a similar situation as last year, with the acquisition of KPMG Financial services by St George, the financial services industry now sees an-other big five company making a move.
Then there were three. In a similar situation as last year, with the acquisition of KPMG Financial services by St George, the financial services industry now sees an-other big five company making a move.
Accounting firm Arthur Andersen is set to unleash its financial planning arm of the company later this year.
Although the company is keeping most details close to its chest, it is understood that the firm is in the process of recruiting advisers for both its Brisbane and Sydney of-fices.
According to reports in Money Management in September last year KPMG Financial Services was sold to St George. KPMG Financial Services, this time last year, had $520 million of funds under advice is a subsidiary of St George Bank.
KPMG has the largest financial services practice of all the "Big Five" firms.
It manages more than 60 per cent of the international banks with subsidiaries operat-ing in Australia, six of the top 20 life insurance groups, 20 of the top 100 general in-surers and reinsurers.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
