Managed Accounts completes Linear merger
Managed Accounts Holdings (MGP) has announced a completion of its merger with Linear Financial and has commenced the integration of the two businesses to be carried out under MGP’s chief executive, David Heather.
The move came after a successful raising of $34 million from institutional and sophisticated investors.
The merged entity would be providing non-unitised solutions for the independent financial advisory (IFA), stockbroking and institutional segments as well as private wealth managers and investment managers.
It would have $11.5 billion in funds under administration (FUA).
“The MGP and Linear teams, with the strong support of Sirius Capital Partners, Shaw and Partners, Evans and Partners and Veritas, have done an exceptional job to bring this merger to fruition,” Heather said.
“Our market leading capability to deliver non-utilised multi asset, multi-currency solutions across flexible legal structures and custodians enables us to meet growing complexity.
“We look forward to integrating the businesses, working with existing clients to maximise use of our capability and meeting the needs of new clients.”
AUTHOR
Oksana Patron
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
