Monitor Money on the hunt
Monitor Money is on the lookout for acquisition opportunities, following the sale of 50 per cent of the financial planning business earlier this year to New Zealand’s Spicers Portfolio Management.
Monitor Money managing director Tim Titheradge says the group is looking to build on the $2.5 billion under management achieved by the merger of the Monitor Money business in Australia and the Spicers business in New Zealand.
Spicers took a 50 per cent stake in Monitor Money's parent group Assure Invest in late February which includes the Assure Services and Technology administration group. Since the purchase, Spicers has placed its business with the Assure administration service alongside Monitor Money.
Titheradge says Monitor Money is continuing to build its financial planning business, adding four new advisers in the past six months. The group now has about 22 advisers.
He says the group is currently recruiting to have another eight in place by the end of this financial year.
"From there we are looking at growing at a rate of a dozen a year, for the next few years," he says.
Titheradge says future growth will be made up of organic and acquisitions including smaller dealer groups.
Spicers marketing managing Prue Blake has been seconded to Monitor Money to implement the groups marketing model, and Arkus, the New Zealand investment and research team has been combined with Monitor Money team to operate in both countries.
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