HBOS makes wealth management purchase
(31 January 2007 – Australia) HBOS wealth management arm, St Andrews Australia, has made what it describes as a "trophy acquisition" in boutique fund manager Whittaker Macnaught.
The deal will see HBOS gain exclusive rights to the business which has 12,000 clients and funds under management (FUM) of A$1.5 billion.
St Andrews's managing director John Van Der Wielen said the acquisition catapulted the company away from its primarily organic growth strategy.
Queensland based Whittaker Macnaught's FUM of A$1.5 billion will boost St Andrews's overall FUM to about $2 billion.
Whittaker Macnaught is owned by successful financial advice author Noel Whittaker and Cheryl Macnaught.
St Andrews's managing director John Van Der Wielen said the acquisition catapulted the company away from its primarily organic growth strategy.
Queensland based Whittaker Macnaught's FUM of A$1.5 billion will boost St Andrews's overall FUM to about $2 billion.
Whittaker Macnaught is owned by successful financial advice author Noel Whittaker and Cheryl Macnaught.