New Quantum Holding’s acquisition of the equities clearing business Morrison Securities is laying the foundation for its growing presence in the US, Middle East, and Asian markets.

New Quantum will pay the ASX-listed Sequoia Financial Group (SEQ) $40.5 million for 80 per cent of Morrison Securities. The deal will be completed in three tranches by 31 August 2023.

New Quantum CEO Jong Chung says this acquisition complements the group’s core business and provides the scalable foundation for measured growth that optimises client services and support.

Chung added that all the funding is in place to allow New Quantum to meet its three deadline payments of 20 March, 31 May, and 31 August. A $1.5 million deposit was paid on March 13 when the deal was formally signed.

Headquartered in Sydney, New Quantum gives independent financial advisors and fintech companies a fully integrated digital platform that allows them to deliver a good client experience.