Managed Accounts Holdings will merge with rival administrator Linear Financial Holdings.
In a statement to the ASX, Managed Accounts announced that it will acquire 100 per cent of the shares in Linear for a proposed purchase price of $42.5 million.
Linear currently has $9 billion in funds under administration and the acquisition will see Managed Accounts Holdings expand its suite of services to the IFA, stockbroking and funds management channels.
“Linear has been a leading provider of platform solutions in the Australian market for some time now,” said Managed Accounts chairman Don Sharp. “We believe bringing together these two businesses will provide existing and future clients with an enhanced platform and administration services.”
The listed company has also announced it will partner with brokerage and advisory firm Shaw and Partners to provide managed accounts solutions to clients.
InvestorDaily sister title ifa reported yesterday that Managed Accounts Holdings had entered a trading halt and that Linear was a potential acquisition target.
A Linear spokesperson was unable to confirm or deny the speculation.
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