Managed Accounts Holdings moves further into super

20 December 2018
| By Mike |
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 developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 9 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 9 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 10 hours ago