The planning subsidiary of publicly-listed Managed Accounts Holdings Limited has taken a minority stake in GPS Wealth-linked Queensland-based planning firm, Holman McGregor Financial Services (HMFS).
Managed Accounts Holdings announced to the Australian Securities Exchange (ASX) today that its subsidiary, Planner Holdings Limited, had taken up the stake "as it ramps up plans to invest in quality advice businesses".
Managed Accounts Holdings executive chairman, Don Sharp, said Holman McGregor was based in Noosaville on the Queensland Sunshine Coast and represented an ideal fit for Planner Holdings Limited.
Planner Holdings Limited was established last year to provide expansion capital to advisory firms with large self-managed super fund client bases.
"HMFS exemplifies the type of quality advice practice we're looking to partner with to drive and grow business efficiency," he said.
HFMS was established in 2003 and was run by Ron McGregor and boasted five staff including two advisers.
The practice was licensed by dealer group, GPS Wealth, of which McGregor was a both a co-founder and director