The overall integration of Snowball and Shadforth Financial Group is progressing well, with a number of planned advice, infrastructure and corporate service initiatives completed ahead of schedule.
In a company statement to the Australian Securities Exchange on Friday, Snowball said progress has been completed on the integration of the group’s portfolio construction and management capability.
Under this change, Snowball’s wealth managent arm Officium will be renamed Mosaic, which in turn will take over from Dimensional Fund Advisors as responsible entity of Shadforth’s Strategic equity and fixed interest trusts. DFA will continue to manage the trusts.
The decision will increase the overall scale of Mosaic, assisting future products and services, Snowball said.
Meanwhile, Snowball has completed its acquisition of Melbourne-based wealth management firm, Jeena, overseeing approximately $55 million in total funds under advice.
The business will be renamed Shadforth and slot into its Melbourne office.
At Snowball’s annual general meeting on 29 November 2011, shareholders will vote on the financial planning and accounting group’s intention to change its name to SFG Australia Limited.
