City Pacific to sell financial services business
City Pacific has entered into an agreement to sell its financial services business, City Pacific Finance, to OneLend Corporation.
City Pacific, which provides diversified financial services, executed a conditional agreement for a sum of $2.2 million, settlement for which is expected to occur on December 12 this year.
City Pacific said in a statement to the Australian Securities Exchange that the company would still focus on funds management and property as it “continues to actively promote and negotiate with a number of interested parties in respect to the company’s other financial services subsidiaries”.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
