Green light for Praemium, HFA floats
By Ross Kelly
HFA managing director and founder Spencer Young will pocket a colossal $66 million from the partial listing of the hedge fund manager.
Owner MFS’ shareholders approved the sale at an extraordinary general meeting, in which it was also agreed that MFS maintain a 39 per cent holding.
MFS acquired HFA for about $3 million less than three years ago and it is now worth more than $200 million.
In other news, administration provider Praemium Portfolio Services has announced its intention to list on the Australian Stock Exchange (ASX) through an $18 million initial public offering.
Praemium provides an online service that consolidates listed securities, managed funds and other assets including property and syndications, and takes data feeds from existing wrap accounts.
Last year it also teamed up with Merrill Lynch to provide a white label self-managed account product for financial planners and brokers.
According to founder and managing director Arthur Naoumidids, there are now more than 220 financial services organisations using Praemium products including CARM and InvestmentLink.
Recommended for you
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
