Financial services firm Easton Investments has agreed to purchase an interest in a financial services business offering financial planning and investment advice, insurance services and SMSF administration.
Easton Investments has entered into an agreement to purchase a 25 per cent stake in Melbourne-based First Financial, a wealth and financial services business with funds under advice of $1.15 billion and which specialises in SMSFs.
The business currently administers more than 500 SMSFs.
“The transaction has immediate effect and involves a cash consideration of $2.376 million, which has been sourced from existing surplus cash reserves,” the ASX announcement said.
According to the announcement, the parties have agreed to execute a shareholders’ agreement which will incorporate, among other things, a put and call option to facilitate an orderly exit where the parties deem this to be in their respective best interests.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 22 Sep 2017ASIC permanently bans SMSF property spruikerBy Miranda Brownlee
- 22 Sep 2017Male SMSF investors ‘bigger risk takers’, says reportBy Staff Reporter
- 22 Sep 2017Lawyer flags subdivision trap with downsizer contributionsBy Miranda Brownlee
- 22 Sep 2017ATO urged to address ‘unknowns’ with LRBA reportingBy Miranda Brownlee
- 21 Sep 2017Lost and unclaimed super climbs to $18 billionBy Lara Bullock
- 21 Sep 2017ATO to release further guidance on reservesBy Miranda Brownlee
- view all
- Male SMSF investors ‘bigger risk takers’, says report
Male SMSF members tend to hold a greater share of assets in higher risk investments including domestic shares and property in comparison to ...read more
- Lawyer flags subdivision trap with downsizer contributions
SMSF trustees planning to make downsizer contributions have been warned that if a property has been subject to a partial sale in the 10 yea...read more
- ATO urged to address ‘unknowns’ with LRBA reporting
The ATO has been asked to provide further clarity around the events based reporting requirements for LRBA repayments, with the new requireme...read more
- view all