Sterling takes graceful stake in OFM
Financialservices group OFM Investment announced last week that Sterling Grace Corporation, a New York-based investment fund specialising in the financial services sector, had made a strategic investment in the company.
Sterling Grace, best known in Australia for the sale in 2001 of the Spicers/Monitor Moneywealth management group toAXA Australia, will be issued with 2,330,000 shares.
Last week, OFM announced the placement of 3,758,851 shares to other institutional investors, which together with the Sterling placement, takes the group’s recent issuance to 6,088,851, or the 15 per cent level of share capital allowed to be raised by the company without shareholder approval over any 12-month period.
“OFM is very pleased to have such a highly regarded strategic investor on its register. The success of the recent placements to institutions is an endorsement of OFM’s strategy of developing additional property and mortgage funds management businesses,” says OFM chief executive officer Rick Curtis.
“The board of OFM will look to develop a close association with Sterling Grace Corporation to explore mutually beneficial opportunities in funds management,” he adds.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
The former licensee of Anthony Del Vecchio, a Melbourne adviser sentenced for a $4.5 million theft, has seen its AFSL cancelled by ASIC after a payment by the Compensation Scheme of Last Resort.
