Managed Accounts Holdings moves further into super

superannuation/

20 December 2018
| By Mike |
image
image image
expand image

Publicly-listed financial services firm, Managed Accounts Holdings has confirmed completion of its acquisition of superannuation administration company with which it has had an association for nearly 10 years - DIY Master Pty Ltd.

It said the acquisition would serve to initiate the company’s entry into the superannuation segment as part of its strategy to broaden its capability across both superannuation and non-superannuation administration solutions.

It said DIY would continue to provide outsourced superannuation administration to its existing client base and would continue to seek to expand its capability under its existing management.

The company’s announcement to the Australian Securities Exchange (ASX) said that once DIY was transitioned in the first quarter of next year it was intended that Managed Accounts Holdings would be able to deliver an integrated superannuation solution to its financial planning, stockbroking and institutional client base using its recently-acquired trustee capability via Aracon Superannuation Pty Ltd.

The announcement said the costs of the acquisition of DIY would be approximately $1.5 million, with $1 million paid on completion and the remaining $500,000 payable, subject to earn out, in December, next year.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 2 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

4 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

6 months 3 weeks ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

2 weeks ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

6 days 13 hours ago

ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam. ...

1 week 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3