23 April, 2015: Listed managed discretionary account operator, Managed Accounts Holdings Limited (MGP) has announced plans to partner with advisory firms to acquire quality advice or portfolio management businesses.
MGP has established a wholly-owned subsidiary, Planner Holdings Limited (PHL) which will be funded with up to $5 million from MGP’s current cash current reserves to provide expansion capital to selected financial advisory firms.
PHL will initially hold up to a 25 per cent interest in new acquisitions. The purchase price is expected to have an after-tax PE of 8.57. PHL will also have the option of acquiring additional shares up to a maximum of 50.1 per cent at a later date.
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