Tranzact recruits one more for the advice roundtable
Ahead of the formal launch of its Camelot advisory group next week, Tranzact Financial Services - the ASX-listed entity majority-owned by Grosvenor - has shelled out for a 20% shareholding in the Rutherford Rede Christchurch (RRC) practice.
Thursday, August 7th 2008, 6:51AM
by David Chaplin
According to a release made to the ASX on Tuesday, at the same RRC will also merge its funds under management with those of another Christchurch firm Amicus Group, which is part of the AMP Financial Services chain.
The Tranzact release said both RRC and Amicus have "been long standing users of Grosvenor's administration platform".
"The consolidation of the funds on the Grosvenor platform is expected to generate operational efficiencies for the expanded group," Tranzact said. "The newly merged business will have two advisers initially and intends to grow quickly through further strategic acquisitions with the assistance of Tranzact and the Partnership [for Growth] program."
On July 17 this year, Tranzact revealed it had made similar deals with Palmerston North firm Attwell Crews Financial Solutions and the Tauranga-based advisory practice Life Financial Solutions.
The Camelot advisory group is due to officially launch on August 15 and will comprise of a dozen financial planning firms, representing almost 50 advisers and over $1 billion in funds under management.
"[Camelot] is on the way to becoming the largest financial advisory group in the industry," Grosvenor said in a statement in July.
Tranzact has already acquired small stakes in several other Rutherford Rede firms as well as shares in Wellington practice Van Der Wilt Financial; the Invercargill-based Skerrett Financial Planning, and; another Wellington business Prime Planning Partnership.
Grosvenor and Tranzact have also signaled an intention to merge before June next year.
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