MMC Contrarian to acquire ComCorp
MMC Contrarian has signed a business agreement to purchase Tolhurst Group’s advice business, Community & Corporate Financial Services (ComCorp), its first foray into the advice space.
MMC managing director Alex Hutchison said the acquisition of ComCorp, for a "consideration” of $8.455 million, was a “first step” to developing a presence in the advice market.
ComCorp is an established provider of financial planning advice to member-based organisations, particularly credit unions, representing approximately 800,000 members Australia-wide.
Hutchison added that the acquisition of ComCorp by MMC was consistent with the listed firm’s stated strategy of becoming a diversified financial services company.
ComCorp managing director Allyn Chant said the sale would “provide certainty to both clients and staff of ComCorp, particularly in the light of the experience the MMC senior executive can bring to bear on the business”.
The agreement is subject to a number of factors including the transfer of at least $800 million of funds under management and the transfer of key assets and employees to MMC.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
