Perpetual gets nod from Treasurer for Trust deal
Perpetual has received approval from the Federal Treasurer Joe Hockey to acquire The Trust Company under the Scheme Implementation Agreement between the two companies.
The approval follows last week's announcement from the Australian Competition and Consumer Commission that it would not oppose the acquisition, and that The Monetary Authority of Singapore has no objections to the change of holding structure of The Trust Company (Asia) which would occur as part of the acquisition.
Perpetual stated that it is still waiting on approval from the New Zealand Overseas Investments Office and expects this by the end of this month. A meeting of Trust shareholders has been slated for late November, with completion of the acquisition by mid-December.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
