Insignia exits JANA stake
Insignia Financial has exited its stake in JANA.
The company has announced to the Australian Securities Exchange (ASX) that it has entered into a binding Share Sale Agreement to divest its remaining 45% stake in JANA to Jana management.
The announcement, contained in Insignia’s quarterly update, said JANA would become wholly management-owned following the transaction which followed the acquisition of a majority stake of 55% of the JANA business from MLC Wealth in 2017.
It said completion of the transaction was expected to occur in early calendar year 2023.
The announcement noted that in addition to the divestment of the minority stake, the Responsible Entity for approximately $7.6 billion in funds under JANA’s implemented consulting offering transitioned to an alternative provider in Q2 FY23.
It said JANA would continue to remain a valued Asset Consultant and provider of investment research for Insignia Financial
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