MDS in JV with NY asset manager
Expansive publicly-listed financial services firm, MDS Financial Group, announced this week it had entered into a strategic alliance with New York-based J. Streicher Asset Management to develop and market products in Australia.
The company announced the arrangement to the Australian Securities Exchange on Monday, saying a Memorandum of Understanding had been signed following negotiations in New York earlier this month.
Under the JV, the firms will establish a funding vehicle to develop financial products for the Australian market, develop an international stock-trading product to allow Australian and US investors to transact inter-border and develop specialised financial products aimed at MDS's Self Managed Superannuation Fund client base.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.