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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
