Class invests in MDA services provider
Self-Managed Superannuation Funds administration provider Class has made a strategic investment in managed discretionary account (MDA) services provider, Philo Capital Advisers.
Class has announced to the Australian Securities Exchange (ASX) that it has made an initial investment in Philo of $1.5 million with a further $2.5 million to be invested by 31 March, next year, with an option to increase its equity ownership to 100 per cent in the longer term.
Class Strategic Alliances director, Glenn Poynton said the partnership with Philo was an important strategic step for Class in the broader wealth management space.
“Class and Philo are well aligned, both delivering highly differentiated services that enable client firms to provide better business and investor outcomes,” he said.
Philo Capital Advisers principal, Brett Sanders said the collaboration with Class would significantly accelerate growth and make Philo an even more attractive partner to advice groups, platforms, asset consultants and investment managers.
Recommended for you
Apostle Funds Management has appointed the newly created position of director, head of wholesale as the firm expands its Australian footprint in the wholesale sector.
Recruitment manager Robert Half has shared the most in-demand roles in financial services that firms are finding difficult to fill, driven by ASIC’s growing focus on risk and compliance.
ASIC chief executive, Warren Day, is among senior executives to depart the corporate regulator amid changes to its leadership team.
Iress has completed the sale of its platform business, bringing $4.1 billion in funds under administration over to Praemium.