PIS and Count quash merger rumours

Industry murmurs rejected

By Julie May
Thu 03 Sep 2009

No merger is on the cards for PIS and Count but neither has ruled it out as a possibility for a later date.

Industry rumours have been circulating suggesting the country's two largest independent dealer groups, Professional Investment Services (PIS) and Count Financial (Count), could be considering a merger.

When questioned this week, PIS managing director Grahame Evans said there was no truth to the rumour but there was obviously industry speculation after a number of people had asked the same question.

Evans said he presumed allegations were sparked when he and PIS chief executive Robbie Bennetts had lunch with Count executive chairman Barry Lambert and chief executive Marianne Perkovic following the recent Investment and Financial Services Association's annual conference.

"We did get together with Barry and Marianne to discuss many industry issues which we do quite regularly, but the topic of a potential merger between PIS and Count was not something that was discussed," Evans said.

When asked whether a merger of the two groups might ever be considered, Evans said he would not rule it out completely.

"It would be a fairly big call to go through with something like that, but boy ... what a powerhouse the two businesses would be if they did merge," Evans said.

Perkovic reiterated Evans comments and said Count regularly collaborated with PIS on industry issues but that there was no strategy at this point for the dealer groups to merge.

On whether Count would ever contemplate a merger with PIS, Perkovic said the dealer group would consider any opportunity that arose if it matched Count's longer-term strategies.

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