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Wealth manager Diversa acquires second super business
Wealth manager Diversa has acquired the investment and management rights to the Managed Australian Retirement Fund (MARF), a retail super master trust, which is its second acquisition to date of a super business.
It will pay $1.5 million in a combination of cash and ordinary shares of Diversa for the acquisition, which is managed by Managed Financial Strategy and Managed Financial Services.
A public offer fund, MARF manages $37 million on behalf of 4,800 members as at June 30 this year and had adjusted earnings before interest and tax for the year of approximately $397,000. Following the acquisition, Diversa will enter into a services agreement with Managed Financial Strategy and Managed Financial Services to provide various administrative services to maintain continuity with members.
The acquisition complements Diversa's initial acquisition of the Super Promoters business in March this year and is consistent with its strategy of growing the company through fund aggregation, according to a media release.
AUTHOR
By Egan
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