Final Storm Financial bids decision imminent
|
|
The successful bidders for up to 10,000 clients of collapsed dealer group Storm Financial are scheduled to be announced this Friday, according to Steve Prendeville, director of advice firm broker Kenyon Prendeville.
The broker, which is mandated by Storm receiver KordaMentha to manage the bidding process, supplied “10 binding offers for eight Storm locations nationwide” to the receiver at the close of bidding last Friday, Prendeville said.
“It is now up to KordaMentha to approve the binding offers, and we expect it to make an announcement in this respect this Friday,” he said.
However, KordaMentha will not necessarily announce the names of the final bidders due to a high level of privacy and confidentiality attached to the bidding process, he added.
KordaMentha could also reject final bidders for a number of reasons, including whether a bidder is deemed financially viable or has appropriate resources to adequately service the distressed clients of the collapsed dealer group.
The 10 final bidders, which were selected from a shortlist of 60 preliminary bidders, are “representative of the full spectrum of the advice sector, from the largest dealer groups through to boutique firms”, Prendeville said.
Following the decision of KordaMentha, Kenyon Prendeville will “enter into agreements with the successful bidders and then work towards the creation of sale contracts”, he said.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
