OneVue has sold Sargon Capital’s shares in Sequoia Financial Group for $4.36 million, with its next priority being to cast off the troubled group’s advice company Madison Financial Group.
At the start of February, OneVue called in PwC receivers Chris Hill and Daniel Walley over $31 million it was owed from Sargon for its sale of super trustee service provider Diversa Trustees, after Sargon had appointed voluntary administrators to a number of its subsidiaries.
Sargon had summoned the EY administrators after creditor Taiping Trustees appointed receivers over debt facilities it had provided at the end of January.
OneVue then managed to take control over Sargon’s holding in Sequoia, a 19 per cent stake, around 23 million shares valued roughly at around $4.6 million at the time.
Madison Financial Group is next on the chopping board, with the PwC receivers having appointed Bob Neill of Seaview Consulting to facilitate the sale.
Connie Mckeage, managing director of OneVue commented: “We are working closely with the Madison leadership team to provide them with the necessary support to ensure that the advisers can continue servicing their clients without disruption.”
OneVue is due to present its interim results in the coming week. It has previously insisted its operations will not be affected by the outstanding debt.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
AMP could face further risks according to analysts at Morgan Stanley, with the negative flow trends across the wealth giant expected to cont...
The wealth and trustee arm of MyState, TPT Wealth, has seen a slight increase of 1 per cent during the first quarter of financial year 2021,...