LGS offloads FuturePlus; acquires planners
LGS Super has formed an in-principle agreement with Energy Industries Superannuation Scheme (EISS) to offload its 50 per cent stake in FuturePlus Financial Services, subject to final due diligence.
LGS chief executive Peter Lambert said LGS would also be looking to acquire FuturePlus staff.
“We’ve made a decision to 'insource' a number of the services that FuturePlus previously provided to us, in doing that we'll be looking to recruit as much as possible through FuturePlus staff,” Lambert said.
LGS is currently in negotiation with FuturePlus to renew its contract for the remaining administration related services.
“This structural change will allow LGS to have a greater focus on our members and allow FuturePlus to focus on providing quality back-office support for our activities,” Lambert said.
One of the structural improvements planned for LGS is directly employing their own planners, Lambert said.
“LGS staff have a thorough understanding of the local government industry. This single-focus model will improve service levels for our member base,” he said.
As part of this review, LGS also recently sold its share in Chifley Financial Services.
Recommended for you
Shadforth CEO Terry Dillon has told Money Management the time is right to pursue inorganic growth as it seeks to double in size by 2030 and acquires a Melbourne advice firm.
Entireti has announced the rebranding of PFS Investment Management, bringing together the group’s investment capabilities to support its licensee network.
Licensees have been urged by ASIC to ensure their advisers’ FAR records are updated, as ASIC’s latest estimates find more than 3,000 advisers could be unable to provide advice next year.
Major licensee Count has enacted its latest M&A deal, acquiring the accounting and audit client base of a Sydney accounting firm.
