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
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
