WEEKLY WRAP: PEOPLE, PRODUCTS AND COMPANIES: EQT announce offer for TRU

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Equity Trustees Ltd announced offer for The Trust Company Ltd

Equity Trustees Limited announced its intention to make an off-market takeover offer for all of the issued shares in The Trust Company Limited to create a leading Australasian trustee, investment and administration services provider.

Offer highlights were:

  • 33 EQT shares to be offered for every 100 TRU shares
  • Values TRU at $5.28 per share based on the EQT share price before the offer was announced
  • 11.2% premium to TRU share price before the offer was announced
  • 13.3% premium to average TRU and EQT share prices over the past 1 month
  • Estimated to generate up to $8m p.a. of synergies by end of 2014
  • TRU shareholders will own approximately 59% of the Combined Group and participate proportionately in gains from consolidating the two organisations
  • TRU shareholders retain up to 17 cents dividends per share under the offer
  • TRU shareholders may qualify for EQT’s FY13 final dividend

Mr Tony Killen, Chairman of EQT said, “Combining Equity Trustees and Trust Company has been identified as the best available corporate transaction for both companies. We strongly support this view. Discussions between the two companies have been held formally and informally on a number of occasions without success. The Offer will provide the opportunity for Trust Company shareholders to decide the matter.”

WHK Group announce new head of SMSFs

Accounting and advisory firm WHK Group announced today that Susie Salmon has been appointed as head of Self-Managed Super Funds effective 4 March 2013.

Salmon has over 20 years of financial services experience and has an in-depth knowledge of the SMSF industry. She recently managed her own consultancy, developing product and business strategies for financial services and accounting companies.

John Nantes, WHK head of financial services said: “Susie is passionate about growing businesses through strong, energetic leadership and a commitment to great customer service. In this newly created role, Susie will develop strategies to significantly grow the number of funds administered by WHK to maintain our leading position. She will lead an experienced team of 120 SMSF professionals responsible for administering funds in Australia, as well as working with our accounting and advisory staff to grow the SMSF business”.

The SMSF area is growing rapidly with ATO statistics as at 31 December 2012, indicating there are over 496,000 SMSFs established with $474 billion in funds under administration in Australia.

Centric Wealth strengthens ACT presence 

Centric Wealth has announced the addition of Sean Ryan to its Canberra team, further strengthening its presence in the ACT.  The announcement follows the appointment of Sara Caggiano in late 2012.

CEO Phil Kearns welcomed Ryan and Caggiano to the Centric Wealth team and said their local experience and networks would be of particular benefit to the company.

“Regional and interstate growth is very important for Centric Wealth. Sara has been with us for a few months now and has already become an intrinsic member of the team.  We are very pleased to also welcome someone with Sean’s credentials and look forward to him making a positive impact on the business.”

Caggiano’s most recent role was senior financial consultant with Perpetual Limited, where she advised financially successful individuals, families and organisations on how to grow and protect their wealth. She is also actively involved in various professional networks, including the Tax Institute of Australia, Family Business Australia and the Australian Institute of Company Directors.

Ryan is a financial planning professional with 15 years experience in the industry.  Prior to joining Centric Wealth, he spent five years at Perpetual Limited, where he held senior positions including Senior Adviser and Team Leader. During this time, he provided strategic and investment advice to high net worth clients.

Ross Cartwright appointed Head of Platforms

Ross Cartwright has joined the MFS team in Australia as Head of Platforms. Cartwright will focus on platform development and sales in Australia and New Zealand in addition to liaising with research houses.

His appointment will strengthen the firm's local presence, following MFS’ decision to bring distribution of its Australian & New Zealand business in-house last year. Since opening its first independent sales office in Sydney, MFS has grown to encompass more than $17.3billion in funds under management for Australian and New Zealand clients – with the organisation reinforcing their commitment to the region through the addition of a second Melbourne office and the launch of a new Emerging Markets Equity Trust.

“Ross will bring valuable experience to MFS in Australia and to our platform clients and prospects," said Marian Poirier, Senior Managing Director–Australia for MFS. "As MFS expands its presence and capabilities in the region, we are extremely excited to have Ross join our team”.

Cartwright has 18 years of experience in the industry and has spent the last 5 years with Mercer Investment Consulting as a Principal and Senior Investment Consultant. He holds a Bachelor of Commerce from the University of Natal, Durban and a Bachelor of Accounting Science (Honors) from the University of South Africa.

Cartwright will be based in MFS’ Sydney office, where the distribution team currently spans across sales and relationship management, marketing, reporting, client services, legal and compliance.

Financial Planning Services Australia (FPSA) Signals Strong Growth Plans

FPSA General Manager Simon Micallef has announced a restructure of the dealer group as it focuses on renewed service and growth initiatives. A strategic review has commenced with key appointments to be announced as the company embarks upon delivering a compelling Advice and Distribution proposition.

The restructure of the business, which started with the appointment of Simon Micallef as general manager in November last year, has also seen the business relocate head office operations to Sydney to ensure alignment and identification of business synergies across the various netwealth group advice brands.

The relocation of the head office to Sydney coincides with the recruitment of several strategic placements including a national practice manager, national risk and compliance manager, national operations manager and general manager of the employed channel Bridgeport.

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