YBR completes exit of another wealth business
Christopher Joyce’s Coolabah Capital Investments now owns 100 per cent of public-listed institutionally-focused active fixed income manager, Smarter Money Investment Pty Ltd following the confirmed exit of 50 per cent shareholder, Mark Bouris’ Yellow Brick Road (YBR).
YBR announced late on Friday that the sale of its 50 per cent interest in Smarter Money had been completed bringing to an end a relationship with Coolabah Capital which had begun in 2011.
The start of the transaction was announced on Wednesday, last week, entailing a purchase price of $7.5 million and with all the company’s staff being absorbed by Coolabah.
YBR said its mortgage broking network would continue to offer Smarter Money Investments products and Coolabah’s existing and future cash and fixed interest products to its clients.
Explaining the decision to sell down its stake in the business, Bouris said it reflected the company’s recent strategic pivot away from wealth management to focus on the mortgage market.
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