Ipac enters South Africa
Ipac Securities has entered the South African market with the purchase of a 50 per cent stake in the unit trust business of Brait SA.
Brait and Ipac will each control 50 per cent of a newly formed holding company which will operate the unit trust business, Brait Management Company.
Under the terms of the agreement, BMC will use Ipac's front and back office services in South Africa.
Ipac executive chairman Arun Abey says he expects the venture to mirror the group's successful entry into the New Zealand market 12 years ago which has resulted in the group owning New Zealand's largest unit trust.
"We have 30,000 clients worldwide and manage US$5 billion in funds. Every one of those 30,000 has a plan and a strategy and the investment fund is secondary to that," he says.
Abey says Brait was looking for an Australian planning firm to enter into a joint venture with because "Brait saw the Australian industry as the most interesting and the most advanced".
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
