Member firms take small slice of Genesys
AXA-owned Genesys Wealth Advisers has completed the first stage of an equity offer to member firms, but despite almost 80 per cent of member firms taking part the offer failed to be fully subscribed.
The group offered up to 9.09 per cent of the shares in Genesys Group via a loan funded share plan, with up to 10 million shares on issue at an issue price of $0.88. A spokesperson for Genesys said the group would not provide more information about the level of participation.
Genesys Group chief executive John Saint said the “successful completion” of the first stage of the equity offer had demonstrated member firms’ confidence in the growth prospects for the group.
Saint said a “significant” number of member firms had also shown interest in holding additional Genesys shares via an equity swap, with those shares to be issued during the second stage of the program which the group expects to be completed by the end of this year.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
