Clearview divests managed investment business
Clearview Wealth is divesting its managed investments business to technology player, Human Financial Limited.
The company announced the intended divestment to the Australian Securities Exchange (ASX) today at the same time as reporting a solid half-year result with underlying net profit after tax up 31% on the previous corresponding period.
It said that post completion of the divestment of the managed investments business it would have a 40% stake in Human Financial.
The company said that the decision to divest followed a review of the Wealth Management business and as a result of that review it was selling the managed investment business to technology company, Human Financial.
Under the sale agreement, ClearView will receive cash consideration of $1.3 million and will also acquire the 40% stake in Human Financial.
The ASX announcement said the strategic partnership with Human Financial would give ClearView exposure to the combined entity’s investment, technology and distribution capabilities including Human Financials integrated investment, technology and service platform.
The divestment of the business comes following ClearView’s sale of its wealth management business to Centrepoint last year.
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