MDS completes Sequoia Financial acquisition
Publicly-listed corporate advisory and capital markets group, MDS Financial Group, has completed its acquisition of specialist self-managed superannuation fund (SMSF) group, Sequoia Financial Group, to create what it is describing as a vertically-integrated financial services company.
At the same time the company has signalled it is considering further acquisitions.
MDS announced completion of the transaction to the Australian Securities Exchange (ASX) today saying that the resultant entity would deliver a unique portfolio of products and services for financial advisors, accountants, mortgage brokers and self-directed investors.
The announcement specifically referenced being well-positioned to take advantage of the anticipated ongoing growth in the SMSF sector and "also from the demand driven by increased activity amongst self-directed investors".
The announcement said that the first meeting of the Board of the combined group had seen Richard Symon elected as executive chairman while Scott Beeton had been appointed chief executive and managing director.
Commenting on the transaction, Beeton said the company was well-placed to take advantage of the widely anticipated growth in the SMSF sector and its ability to cross-sell a wide range of specialised products and services to a large combined client base of approximately 15,000.
AUTHOR
Mike Taylor
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