HFA distances itself from MFS
HFA Limited has sought to put distance between itself and associated financial services group MFS Limited, telling the Australian Stock Exchange that it has no operating or business relationship with MFS or any of its entities.
In a statement released on the ASX late yesterday, HFA also made clear that so far as the HFA board was aware, MFS was also not an investor in any HFA products, there were no MFS directors or nominees on the board of HFA Holdings and the directors of HFA regarded the MFS Group as a passive shareholder.
The ASX statement came as the HFA share price was impacted and the company’s ASX announcement made clear that it believed that the fall was “due to speculation of a potential sale by the MFS Group of its approximately 12 per cent holding in HFA Holdings Limited”.
Underlining its position, HFA said that net funds flow across its suite of investment products had continued to be positive every month this financial year and that no unusual redemption activity had been experienced.
AUTHOR
Mike Taylor
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
