Infocus issues Patron merger update

In a statement sent from the Infocus annual conference in New Zealand, managing director Rod Bristow said the merger negotiations with former IOOF licensee Patron have been completed and that good progress is being made.

“We couldn’t be happier with the merger progress,” Mr Bristow said.

“Our objectives of ensuring the Patron brand and culture remained intact, while operating a single back-office, are well on the way to being achieved.

“Over the last few months, we’ve been working hard with the Patron advisers to demonstrate the use of Infocus’ proprietary software, which supports an advice process that maximises efficiency.

“We’re on track to meet our overall target merger integration completion date of end December, and are now lifting our sights to look at other opportunities in the market.”

More broadly, Mr Bristow said the combined dealer group will be a “great solution for advisers seeking independence”, explaining the group prioritises the “big three issues all advisers face”: enhancing revenue, lowering cost and managing risk.

Correction: This article previously inferred that the "merger will be completed by December". Subsequently an Infocus spokesperson told ifa the merger was "ratified in July" and that the integration is set to be completed by December.