Storm Financial client book up for sale
The receivers of Storm Financial have appointed specialist financial planning business broking firm Kenyon Prendeville to sell the failed group's remaining client book. Kenyon Prendeville director Alan Kenyon said the group's brief is to "find the ideal advisers nationally or locally, to assist Storm Financial clients with managing their investment portfolios into the future".
Kenyon said Storm funds under management are currently estimated to be $500m with clients in Cairns, Townsville, Mackay, Rockhampton, Redcliffe, Brisbane, Gold Coast and Sydney. In June 2007 the group reported having 14,000 clients with $4.5 billion of funds and loans under administration.
Many Storm Financial clients have been in an advice vacuum since the company entered administration in January.
Bill Buckby, a partner of KordaMentha in Townsville, appointed Kenyon Prendeville, Kenyon said.
Kenyon said the brief covers the 10,230 remaining clients of Storm, those who have not already gone to other advisers, and a total of $500 in funds under management, $957 million in cash accounts and $414 million in margin loans.
Recommended for you
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.
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.
