Madison to remain Madison
The rebranding of dealer group, Madison, to Sargon will not proceed as OneVue and the Sargon administrators work out the future of the business.
In an announcement to the Australian Securities Exchange (ASX), OneVue said Madison’s operating business was not subject to any form of insolvency proceedings and continued to operate on a business as usual basis.
OneVue and the receivers would work with Madison for the sale of the business and as part of the process the Sargon rebranding of Madison had ceased and the dealer group would continue under the Madison name.
OneVue managing director, Connie Mckeage, said: “We have known most of the Madison advisers for many years and we care about them and their business.
“The group has been through quite an unsettling couple of years and our main aim is to enable the advisers to get on with the day-to-day servicing of their clients without interruption.”
Recommended for you
While the last several months have seen increased market volatility, particularly in the US, advisers said there are multiple reasons why there has been an increase in defensive asset flows.
Scarcity Partners believes the dynamics playing out in the managed account and outsourced chief investment officer market are “here to stay” based on positive developments in financial advice.
Former executive chairman of failed stockbroker BBY, Glenn Rosewall, has been charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.
Fidelity International research has revealed Australian investors are significantly more optimistic about the market outlook and feeling more comfortable than their APAC peers, despite ongoing market volatility.
