MDS Financial salvages online broker
Melbourne-based online share broker Trader Dealer has flagged that it is close to resuming trading following the completion of an agreement between MDS Financial Group and Norris Smith Stockbrokers.
MDS Financial took control of the Trader Dealer business assets earlier this month and Norris Smith will now provide executive services.
MDS Financial announced last week that it and corporate advisory firm Red Box would acquire Trader Dealer’s business assets, including its operating systems and clients, as part of a joint venture put together in the aftermath of the Opes Prime collapse.
MDS Financial Group chairman Sean Rothsey said Trader Dealer’s clients would now have certainty thanks to Norris Smith coming onboard.
“We’ve been working flat-out to ensure that clients experience the minimum possible downtime and fuss in order to repay their loyalty,” he said.
AUTHOR
Mike Taylor
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
