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The financial planning practice headed by the chair of the Financial Planning Association, Julie Berry, has been acquired in part by ComCorp Financial Advice, a wholly owned subsidiary of MMC Contrarian Limited.
The transaction was announced to the Australian Securities Exchange (ASX) today, with ComCorp announcing it had acquired 40 per cent of Berry Financial Services.
Berry Financial Services is based in the New South Wales regional coastal city of Port Macquarie.
The ASX announcement said it was ComCorp’s first acquisition since it was itself acquired by MMC Contrarian in April this year, and means that ComCorp now has more than $900 million in funds under advice.
Commenting on the transaction, ComCorp managing director Alex Hutchison said the company had acquired the equity holding in Berry Financial Services to cater for the increasing demand for quality financial advice in the mid-North Coast region as a result of increased referrals from its credit union and other referral partners.
