Centrepoint completes ClearView acquisition
Centrepoint Alliance has completed its acquisition of ClearView Financial Advice, with Clearview controlling 25% of the voting power in the company.
The proposed acquisition was announced on 25 August, 2021, and included Matrix Planning Solutions and LaVista Licensee Solutions.
The combined group would have more than 1,300 licensed and self-licensed advisers across Australia.
Following approval and authorisation by shareholders at the company’s annual general meeting, Centrepoint issued 48 million fully paid and 12-month escrowed ordinary shares to ClearView as the final component of consideration payable under the transaction.
The issue resulted in ClearView becoming a strategic and substantial investor in Centrepoint and would control 25% of the voting power in the company.
John Shuttleworth, Centrepoint chief executive, said “Since announcing the acquisition, we are well advanced integrating the businesses.
“Having finalised our operating model and organisational, structure, we have strengthen our senior leadership team with employees from both Clearview and Centrepoint Alliance,”
“From [2 November] all employees will be co-located in the Centrepoint Alliance offices and will commence operating as part of one integrated company.”
Centrepoint said it continued to assess partnerships and other acquisition opportunities.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
