POWERED BY MOMENTUM MEDIA
(August-2003) Financial services group launch on backburner
Moves to establish a large diversified financial services organisation out of the businesses associated with Industry Fund Services (IFS) under the Members’ Equity banner have been postponed.
This is confirmed by Members’ Equity CEO Anthony Wamsteker who says: “While there is strong merit for us to do something like this, given the other priorities that we have, we intend to look at [the option] in two to three years time, rather than immediately.”
He says Members’ Equity’s other priorities are to grow its banking business.
The idea to combine a host of industry fund aligned business into one was flagged towards the end of last year as most had the same industry fund shareholders.
In addition to IFS, which manages funds and provides support to industry funds, these businesses included administration company Superpartners, budding bank Members’ Equity, two wholesale property trusts, alternative investment vehicle Development Australia Fund and eligible rollover fund, the Australian Preservation Fund.
At the time, IFS executive chair Garry Weaven said: “If you think of these organisations collectively, you have a diversified financial institution of some substance. There are lots of interrelationships between them. The main benefit will the synergies that will emerge, but the move will also concentrate management ability and technical skills, as well as capital investment in a growth strategy.”
The move, he said, would create “a real new mutual to be owned by super funds and their members”. He added then that if a deal was approved, Members Equity was likely to be the vehicle that owned and centrally governed the rest.
AUTHOR
Zilla Efrat
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