Trustee services provider buys advice group

A trustee business linked to several of Australia's newest superannuation funds has acquired a non-aligned boutique financial advice group.

As part of its ongoing expansion strategy, Trustee Partners has acquired Madison Financial Group from PHAROS Financial Group.

The deal includes the licensee, Madison's OneVue platform private label WealthPortal, PHAROS' compliance subsidiary AdviceNet and separately managed account provider Proactive Portfolios.

Established in 2016, Trustee Partners owns Tidswell Financial, the trustee behind Spaceship, GoodSuper, MAX Super and mobiSuper.

PHAROS Financial Group managing director and co-founder Mark Perry said earlier offers to acquire the advice group founded in 1983 were rejected by he and chairman and co-founder Tony Hartley.

Perry said the compatibility and shared vision for the future of advice was paramount in agreeing to the sale.

"It was critical that we secured a buyer who is product agnostic, supports our community with a growth and succession mindset, and whose other business interests and acquisition plans are compatible with our values," he said.

Trustee Partners general manager Andrew Peterson said the acquisition will further strengthen the business' strategic vision to improve investment and retirement outcomes in Australia.

"Madison Financial Group's desire to lead and deliver solutions that enable advisers to spend more time delivering advice to their clients is invaluable to our growth plans in the financial services market," Peterson said.

In August 2017, Trustee Partners expanded into the New Zealand and Hong Kong financial services markets through its acquisition of The New Zealand Trust Company and The Hong Kong Trust Company, fiduciary services businesses.

Trustee Partners is the primary trading brand in Australia for Sargon Capital and also offers responsible entity services.

Read more: Trustee PartnersMadison Financial GroupPHAROS Financial GroupAdviceNetAndrew PetersonComplectusGoodSuperMark PerryMAX SupermobiSuperOneVueSargon CapitalSpaceshipTidswell FinancialTony HartleyWealthPortal
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