Futuro withdraws from AMP buyout
Dealer group, Futuro Financial Services Pty Ltd has withdrawn from its buy-out arrangement with AMP Limited.
The company announced today that it had reached a mutual agreement with AMP Ltd to no longer proceed with AMP's planned five-year staged buy-out and that, instead, it would "continue to provide high levels of support to its advisers through AMP-owned Jigsaw Support Services".
The decision follows AMP Ltd in 2012 acquiring a 10 per cent shareholding in Futuro with the option to increase to full ownership by 2017.
Explaining the change, Futuro managing director, Dennis Bashford said further clarity around industry regulation had enabled the company to firm up its strategic direction.
"We are implementing a number of initiatives to provide the high levels of support for our advisers that will enable them to grow their businesses and thrive in this post- FOFA environment," he said.
Bashford acknowledged that the huge industry changes during the two-and-a-half years since the deal with AMP was announced had played a major part in both parties deciding to end the ownership deal.
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