Linear buy sees Managed Accounts expand board

Managed Accounts Holdings welcomed two new directors to its board in light of its recent acquisition of Linear.

Linear co-founder Colin Peterson has joined the board, adding more than 30 years' experience including in financial planning and funds management before establishing Linear in 2006.

Linear board director Stephen Reed has also been appointed. Reed was the founder of one of Australia's first aggregators of financial advisers and accountants, Austchoice.

"Colin and Stephen both have long and proven track records in successfully growing administration solutions businesses that meet changes in financial adviser demands and the needs of their clients," MGP chairman Don Sharp said.

"Both bring tremendous experience, vision and energy to our commitment to become an integral part of Australia's wealth management segment as the shifts toward non-unitised solutions gain favour over traditional platforms."

MGP completed its acquisition of Linear earlier this month, with Sharp saying: "We are looking forward to expanding and commercializing the excellent capability Linear has developed over the past 10 years.

"We have already commenced the analysis required to deliver to two large potential clients, who combined have over $5.5 billion in funds under advice that could potentially be serviced by the newly merged group."

Read more: Linearmanaged accountsManaged Accounts HoldingsMGPStephen ReedColin PetersonDon SharpAustchoicefinancial advice
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