Hart makes its move
Australia's first listed accountancy and financial services group Harts Australasia has purchased leading trustee and portfolio management group Cardinal Financial Securities (CFS).
Harts has acquired seven accounting firms and four financial services businesses in only three months.
Australia's first listed accountancy and financial services group Harts Australasia has purchased leading trustee and portfolio management group Cardinal Financial Securities (CFS).
Harts has acquired seven accounting firms and four financial services businesses in only three months.
Executive deputy chairman, Steve Hart says the synergies created by the CFS purchase will help grow Harts’ funds under direct management to $300 million over the next three years.
“Based on the pace of our acquisition program to date, we're confident of reaching the 2001 forecast sale of $74.5 million and after tax profit of $12.3 million,” he says.
CFS has a national client base of around 10,000 high net worth individuals and small to medium enterprises (SMEs), over $2 billion of funds under trusteeship and a portfolio of $15 million in funds under direct management.
CFS’s proprietary back office software, developed specifically for financial planners, will be adopted into Harts' operations.
Hart says the latest acquisition is in keeping with the business plan to create a vertically inte-grated financial services group with a major presence in Australia and New Zealand.
It follows the purchase last week of mortgage securitisation business First Mortgage Corporation which has over $100 million in mortgages under management.
“All recent acquisitions are being successfully integrated into our national operating structure and are expected to make earnings positive contributions during the 2001 financial year,” Hart says.
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