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
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
Financial advisers will have to pay around $10.4 million of the impending $47.3 million CSLR special levy but Treasury has expanded the remit to also include super fund trustees and other retail-facing sub-sectors.
While social media can have positive financial influence, the overwhelming risks signal a greater need for affordable advice as Australians continue to seek financial education on social media.
Fitzpatricks Advice Partners has released a guide on building a national advice firm with the argument that these firms are crucial to facilitating growth in the struggling profession.
