View more on these topics

GBST Holdings buys InfoComp

Global Banking and Securities Transactions Holdings has bought Australian technology firm InfoComp for £23.6m.

The two companies will combine and the acquisition by the Australian Stock Exchange listed company will be funded out of cash from reserves and a AUS£8.4m debt facility.

GBST is the largest provider of securities transaction processing in Australia, supplying its financial services industry.

The new combined group has 250 staff operating out of Brisbane, Sydney, Wollongong, Melbourne, Adelaide and London.

Around 4.95m GBST shares will be issued to the vendors.

The acquisition is expected to be finalised by September 1, 2007.

Former GBST chief executive Stephen Lake will assume the role of chief executive and managing director of the new group.

Robert DeDominicis and Ray Tubman, the vendor shareholders, founders and key members of InfoComp will join GBST’s executive team and will retain their current positions and continue to develop the business of InfoComp.

Lake says: “We are excited by this acquisition, which is a major step in GBST’s strategy to diversify its services to the financial services industry. InfoComp is a great business and the companies are a good cultural fit providing a substantial new platform for growth and a beachhead into the UK market.

“Also significant wealth management growth opportunities exist in the UK, where InfoComp has sold its flagship Composer wealth management and funds management system to one of the UK’s largest banks – and the growth prospects for the business are very strong.”

Wealth Management Services chief executive Robert DeDominicis says: “We believe that this transaction will provide sound, long term benefits for all our customers, shareholders and employees.

“The new group will continue to operate as two separate business areas – Broker Services and Wealth Management Services, so we do not anticipate any disruption to client relationships, either from a contractual or an operational point of view. Existing account management arrangements remain the same and as far as day to day operations are concerned, it is a case of ‘business as usual’.”

Recommended

Bateman is latest to follow Falcon duo

Bateman Financial Management has become the latest adviser firm to defect from national IFA Kilminster to Falcon Group.The Liskeard-based firm, headed by chairman Richard Bateman and director Ian Keiller, focuses on high-net-worth clients, small business owners and key employees of local companies.Bateman was previously a board member at Kilminster and remains a shareholder. He has […]

Bowes warns of dangers in plan for Isa equity switch

AWD Chase de Vere says the Government is being “duplicitous” with its Isa reforms and risks massive consumer detriment by not allowing a switch back from shares to cash.Investments manager Anna Bowes says the danger in the reforms, laid down last week, is that people are much more likely to take advantage of the move […]

Scale of current credit fears last seen after 9/11, says F&C

Volatility in the financial markets is at its greatest level since September 2001 with the market trading on fear, says F&C.F&C head of asset allocation Paul Niven says the market volatility that has followed the sub-prime lending “carnage” in America has been confirmed by the widespread losses for investors, particularly of hedge funds.He says current […]

Questions over reforms still need answering

During the past couple of years we have read tome after tome from the FSA. It wants clarity and transparency from us yet hides behind smokescreens and mirrors in an attempt to thwart EU law. I would ask the FSA to be totally honest for a change and tell us where these new initiatives emanate […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com