'Female centric' planning group flags move into funds management space
An Australian Securities Exchange (ASX)-listed group, Empowernet, has flagged its intentions to develop a retail funds management arm, with a particular focus on the female market.
Empowernet has traditionally been the host of wealth creation seminars, but is now planning to offer its own financial services and investment products.
During the March 2009 quarter the company undertook a capital raising of more than $12 million. The group is now planning to use these funds to attempt to expand its client base, moving into new geographic markets to develop new products and revenue streams.
The company focuses on providing wealth management solutions for a female market, and has a database of around 100,000 people, according to the group’s statement to the ASX.
During the first quarter the group entered into an alliance with Superwoman Financial Services. The group now has a license to use the Superwoman brand to offer wealth management and other financial products, which they describe as ‘female centric’.
Empowernet, through the Superwoman brand, offers financial advice, managed investment services, insurance and mortgage finance. But Empowernet is now looking at establishing a retail funds management arm as well as an initiative called The Superwoman Co-operative Society.
“Both will be resourced and aimed at enabling Australian women to gain control of their personal financial situation,” the statement said.
The group has recently appointed more female board members, including Anna McCreery, Kathryn Lette and Pamela Stephenson-Connolly.
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