Netwealth announces intended sale of Bridgeport, Pathway
Platform provider Netwealth has announced the proposed sale of its subsidiary advice businesses - Bridgeport Financial Services and Pathway Licensee Services.
The company said its sale decision had followed a strategic review of the broader Netwealth business and a decision to focus on delivering market leading platform and managed accounts solutions.
The company’s statement said the sale process had not yet been finalised and was subject to reaching binding agreements with prospective acquirers but was well progressed with the prospective acquirers expressing the intention to retain and build the businesses.
Commenting on the move, Netwealth joint managing director, Michael Heine said it was important to the company to work with buyers who had expressed an intention to support and grow the businesses.
“We want to ensure that the eventual buyers have a strong and trusted position in the market and that any transition will be dealt with efficiently and effectively,” he said.
“The Netwealth Board felt that Bridgeport and Pathway are far more likely to prosper and grow under companies that have greater scale, commitment and experience in their respective fields. We expect that the two separate transactions will be finalised by the end of the year,” he said.
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