Snowball has expanded its merger and acquisitions (M&A) team with the appointment of Ashleigh Nelson as strategy and M&A business adviser.
"We continue to explore acquisition opportunities," Snowball chief executive Tony McDonald told InvestorDaily. "Ashleigh will help us with that."
Nelson joins the firm from Macquarie Capital (formerly Macquarie's investment banking group), where she was a manager in the financial institutions group.
At Macquarie, she advised on acquisitions of banks, insurers, wealth managers and diversified financial groups.
Nelson will support McDonald and Snowball chief operating officer Carl Scarcella on the firm's expansion strategy.
She will also manage projects that deal with changes in the industry, including consolidation and the move away from commissions, McDonald said.
Snowball yesterday said it expects to post earnings before interest, taxation, deprecation and amortisation (EBITDA) of $10 million for the year ending 30 June 2009, based on unaudited figures.
The result is slightly better than previous guidance of $9.8 million for the full year.
"The result reflects the benefit of judicious cost containment as well as protection from the full effect of market declines due to the company's diversified business and conservatively managed portfolios," the company said in a statement to the ASX.
Snowball's funds under advice were $4.05 billion as at 30 June 2009, which the company said was back to levels of June 2008 and was partly helped by the contribution of acquisitions during the year.
McDonald said investors were carefully starting to enquire about investing in property and large stocks again. "Activity levels have increased in recent months," he said.
Snowball will announce its results on 18 August 2009, including its final dividend.
