PIS buys Hong Kong planning group
Professional Investment Services (PIS) has purchased a Hong Kong dealer group, even as it is on the verge of cancelling its proposed purchase of a North American-based financial planning group.
The terms and conditions of the purchase of the relatively small business in Hong Kong have been agreed at this stage, according to PIS managing director Robbie Bennetts, although the formal paperwork has “not yet been drawn up”.
Bennetts said the new as yet unnamed licensed dealer group would give PIS licensed premises to expand in Hong Kong in the not too distant future, and would be complemented by a simultaneous expansion into China.
“We are in the process of setting up a representative office in China, in conjunction with a Chinese national, and we believe this represents an enormous opportunity for us in two streams — for the very large expatriate community over there now, and over time we wish to evolve into dealing with Chinese nationals.”
Bennetts also told Money Management that the group will make a final decision by the end of the week on whether to proceed with the purchase of a North American planning group announced earlier this year.
“I am starting to get very frustrated with the company’s indecision on the purchase, and will be making a decision this week whether to actually pull out of the negotiations. We hoped to be over there before Christmas, but the negotiations are still going on and on, and we have to bring it to a head.”
Bennetts said the planned acquisition was “one of only three options PIS was pursuing in North America at the moment, so this doesn’t mean we are pulling out of the North American market entirely”.
If PIS does pull out of this deal, it will follow on the heels of the scrapping several months ago of yet another proposed acquisition of a dealer group in North America.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
