InterPrac goes to private equity
Sequoia Financial is expected to exit a trading halt on the Australian Securities Exchange having announced that it has sold InterPrac to private equity player, Conquest Investment Partners.
Sequoia entered the trading halt on Friday and is understood to have signed a sale agreement to Conquest.
It is understood Sequoia regards the arrangement as having ensured the InterPrac business remains properly resourced to manage ongoing remediation, complaints and stakeholder engagement.
The sale announcement follows on from Sequoia’s announcement last week that major platform, HUB24 had notified it that it would not be dealing with InterPrac.
Sequoia signalled that external factors beyond its control including platform providers withdrawing support, ongoing regulatory and legal uncertainty, and declining adviser numbers and revenue meant the business was no longer viable in its current structure.
if Peter Johnston had stood back and actually thought about what was happening I dare say he's forgotten that there…
…but, if the adviser joins another dealer group, then its business as usual?
"You will no longer be able to view and manage policies for your existing clients using your adviser log-in (‘a’…
I can provide quality & appropriate advice in about 1 hour with implementation on top.....I can provide "compliant" advice following…
Freaking clown....we're drowning in red tape and you're pushing this @$@$... and blaming advisers.