Wilson HTM completes Next Financial acquisition
Wilson Investment Group has completed its acquisition of product and investment manager Next Financial.
The transaction was confirmed to the Australian Securities Exchange this week, with Wilson HTM saying it involved a $21 million initial consideration and then a deferred consideration involving a combination of cash and scrip.
In making its announcement, Wilson HTM said as at February 28, Next Financial had client account balances in excess of $1.5 billion, which would result in a significant increase in Wilson HTM's funds under administration and management.
The company said that as the acquisition of Next Financial would increase the share capital of Wilson HTM, Deutsche Bank had elected to exercise its right to acquire additional shares to maintain its 19.9 per cent shareholding.
It said based on the current performance of the business, the acquisition of Next Financial was expected to be cash flow positive and earnings per share accretive from the date of acquisition to June 30, 2009.
AUTHOR
Mike Taylor
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
