Madison sale completion still slated for April
OneVue has signalled it is still on track to complete the sale of Madison Financial Group in April.
In an update released to the Australian Securities Exchange (ASX), OneVue said that the sale process was continuing and was expected to be completed in April.
“Preliminary bids have been received and we expect final bids to be submitted in the next two weeks,” the ASX announcement said.
The OneVue update to the ASX also painted the company as being in a healthy position to weather the current uncertainty with the balance sheet the best it has been in 12 months with and 96% recurring revenue.
It said that 63% of revenue was derived from the fund services business which was not impacted by significant market volatility.
Recommended for you
The advice profession lost 15 advisers over the past week, according to Wealth Data, partly due to a lower number of new entrants and advisers transitioning between licensees.
The regulator says it secured $32.2 million in civil penalties and nine criminal convictions in the six months to 30 June.
Money Management examines how the experienced provider pathway has impacted the advice industry, one year since it was passed on 6 September 2023.
The emerging wealth technology platform has appointed Michael Csavas, former acting Count CEO, to drive growth and target financial advisers and accountants.
