ASX-listed Clime Investment Management announced its acquisition of Madison Financial Group on Wednesday following a process to buy the asset from receivers after the collapse of its previous owner, Sargon Group.
The Australian Financial Review reported that Clime paid $4.4 million for Madison. The Madison business includes licensing, compliance, technology and support to approximately 100 authorised representatives advising on approximately $3 billion of client funds.
Clime’s bet on advice is a move to further diversify its business towards a full service wealth management offering, Professional Planner reported in May.
The process to sell Madison was run by Seaview Consulting and was the result of an expedited process that happened during April.
Madison’s CEO Annick Donat (pictured) will join the Clime executive team and continue in her role leading the Madison business, the business said in a statement.
“We are very much looking forward to becoming a part of the Clime growth story. This is fantastic step forward in supporting our advisers and securing a stable future,” Donat said in a statement.
Clime’s acquisition of Madison follows the announcement of OneVue’s sale to Iress on Monday. OneVue, the ASX-listed administration and registry business, was the owner of the secured interest in Madison.