PIS Asia deals to go ahead
By Zoe Fielding
ProfessionalInvestment Services (PIS) will next week finalise a deal to take an equity stake in a Malaysian financial planning practice, and is poised for further expansion across Asia.
Chief executive Robbie Bennetts said the group would take a 20 per cent equity stake in the 150-strong Malaysian business.
He expects to close the deal next week, but said he was not sure how long it would take for formalities to be completed with Malaysian authorities.
Bennetts said PIS was planning to set up a wrap account in Malaysia.
PIS is also working to expand its Hong Kong operations.
Bennetts said decision-makers from two Hong Kong planning practices, with a total of 60 staff, will visit Australia soon to learn about PIS local operations.
The dealer group hopes to take a 50 per cent equity stake in one practice and a 30 per cent stake in the other.
One of the Hong Kong practices also has operations in China, which the group saw as a way to enter the Chinese market.
Bennetts said the Hong Kong practice targets ‘mum and dad’ investors, which formed a large market in China, but one that is accompanied by dangers.
“We are very aware of the complexities of a foreign company going into China,” he said.
Bennetts said partnering with a Hong Kong practice to enter China would help overcome language barriers.
He anticipated the addition of two new practices would help the current PIS planning practice in Hong Kong, which has only two staff, meet demand.
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
