Regal Partners has expanded on its decision to walk away from a potential acquisition of Platinum as it shares its full-year results.
Platinum Asset Management has seen its profits halve in the first half of FY25 to $15.9 million, attributed to the lower FUM after experiencing $1.6 billion in retail outflows.
Count is looking to adviser recruitment, acquisition of financial planning fee parcels, and cross-selling to accounting clients to improve its financial planning revenue as well as a fourfold M&A strategy.
The Perth-based wealth management firm has formed a strategic partnership with an accounting business in Brisbane, signifying its expansion into Australia’s east coast.
The exit of co-CIOs Andrew Clifford and Clay Smolinski from Platinum has highlighted key person risk, with Morningstar raising its outflow forecast to 33 per cent of FUM per annum in response.
Despite having entered into a scheme of arrangement with Bell Financial Group last week, Selfwealth has opted to now progress with a bid from rival Svava instead.
Large wealth management players are increasingly taking an opportunistic approach to their M&A deals rather than a strategic one, while a fear of missing out is driving smaller players to consider selling up.
ASIC has warned Australian retail investors there “will be product failures” in the private credit space as the assets are untested for a large-scale stress event, but has stopped short of discouraging retail participation.
More than $2 billion in investment activity was recorded for Australian fintech firms last year, according to KPMG, with the GDG/Lonsec acquisition proving to be a notable deal in the second half.
Praemium has stated it is seeking accretive acquisition opportunities in the area of non-custodial solutions where it believes it can further grow its dominant market share.
