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.
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