Investor Group businesses merge
Listed financial planning and accounting business, Investor Group (IGP), will merge four of its member firms into two.
WHK Manning & Perry and Supermaster will become one, as will Launceston’s Garrotts and Hobart’s WHK Denison, in deals which reduce IGP’s number of member accountancy and financial planning firms to 20.
This will almost immediately increase to 21, however, after New Zealand’s Gosling Chapman business enters the fold on April 1.
IGP managing director, Kevin White, said the mergers would create cross-referral benefits that would “far outweigh” the associated relocation, integration and disruption costs.
The mergers were initiated by the principals of the various firms.
An executive reshuffle has also occurred, with Graeme Fowler going from chief financial officer to the newly created role of chief operating officer. He will be replaced by Graeme Ross, who is being promoted from the group financial controller position.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
