MDS Financial acquires MINC assets
Publicly listed MDS Financial Group has acquired the online trading business, national client lists, private client business and advisory assets of the collapsed MINC Financial Services.
MDS announced the acquisition to the Australian Securities Exchange late yesterday, confirming that under the terms of the deal with the MINC Financial Services administrator, it would be accommodating MINC’s advisers in Townsville, Bunbury, the Gold Coast and Melbourne.
MINC moved into voluntary administration nearly a month ago, and MDC Financial chief executive Damian Isbister made clear the acquisition did not include MINC’s debts, liabilities or infrastructure.
“We believe the assets we are taking on will quickly yield revenue exceeding the costs of the acquisition,” he said.
He said MDS Financial was working closely with Penson Financial Services Australia to ensure minimal disruption to clients during the transition period.
The MDS announcement said clients’ securities holdings and cash accounts remained unaffected because they were maintained by the relevant CHESS sponsor, Penson Financial Services Australia, and bank cash management accounts.
MDS is a leading supplier of online trading, charting and analysis software and Isbister said the acquisition continued his company’s push into the share broking industry while bringing some very capable people into the business.
“The MINC online trading and advisory business units are a natural fit with our existing subsidiaries – Trader Dealer Online and D2MX stockbroking,” he said.
AUTHOR
Mike Taylor
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
