Daly declares AFS acquisition dead
After more than a year of speculation about an impending transaction, Peter Daly’s Australian Financial Services (AFS) Group has taken itself off the acquisition market.
The group announced today that its board had resolved that the company would remain adviser-owned and adviser-driven.
Explaining the change, Daly (pictured) said that while acquisition overtures had been flattering, discussions had permanently ceased and the company would resume its path towards a public listing.
He said the group was experiencing record profits and was in a strong financial position from which to present “a serious alternative to institutions that are endeavouring to corner the independent adviser market sector”.
“Being adviser-owned is one of the key points of differentiation of AFS Group, Daly said.
AUTHOR
Mike Taylor
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