PIS shareholders back sale option
Australia’s second largest dealer group has confirmed the scepticism of market analysts by all but abandoning plans for a proposed public listing.
Professional Investment Services (PIS) chief executive Robbie Bennetts told Money Management the group’s shareholders were now overwhelmingly behind a push to sell the group.
PIS shareholders voted at the group’s AGM in October to continue examining options for either a public listing or a trade sale of the financial planning business.
But as reported by Money Management at the time, industry analysts were sceptical about whether PIS was genuine about pursuing the listing option.
In an interview last week, Bennetts confirmed most PIS shareholders “would prefer a trade sale”.
He said as many as three different potential buyers were expected to lodge formal bids by November 26.
A number of buyers have been linked to the dealer group, including the combined ANZ/ING group.
Bennetts said some PIS shareholders would push for the group to be sold off in tranches over a number of years, rather than in one go.
“The thing that came out of the [AGM] is that we are such a young group,” Bennetts said.
“Some of the older ones [shareholders] are saying we should sell now, but others are saying we can make a lot more money down the track.”
Recommended for you
The profession is up by almost 200 advisers for the new financial year, with August continuing the consistent weekly positive gains.
WT Financial has announced its second “Hubco” with a combined valuation of $7.8 million, while its first one has successfully incorporated and is now making its own acquisitions.
The Australian Wealth Advisors Group has entered into a joint venture with a Melbourne financial services firm to launch a wealth manager.
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
