City Pacific withdraws MFS offer
City Pacific Limited has today announced it will not acquire the financial services assets of MFS Limited.
Commenting on the decision, City Pacific chief Phil Sullivan said the board of City Pacific had resolved not to make an offer for any assets owned by MFS and that all discussions with MFS had ceased.
“After considering the merits of any proposed transaction, the board has determined that it would not be in the best interests of City Pacific shareholders or investors to proceed,” he said.
Money Management reported earlier this month that MFS had been approached by City Pacific, which intended to undertake due diligence on those assets including the Premium Income Fund.
At the time, MFS chief executive Craig White said discussions with City Pacific would be held in conjunction with the strategic review of MFS’ business, including a review of its financing and operating structures.
Recommended for you
A panel of advisers have argued charging fees accordingly is a top priority for the industry, but Peloton Partners has found firms are reluctant to increase them until the business pressure is “unavoidable”.
Equal weighted ETFs are gaining ground with financial advisers, according to AUSIEX, as they believe they can bring balance to client portfolios.
Financial services software and technology provider Fin365 has appointed a new executive chairman to the board to support the firm’s strategic growth plans.
The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to switch their superannuation into a poorly performing product.
