Managed Accounts to invest in advice firms

In a statement issued by the financial services company, Managed Accounts said the new business will be funded with up to $5 million to provide expansion capital to advice firms.

Managed Accounts added that PHL will initially hold up to 25 per cent interest in new acquisitions.

“PHL has been established by [Managed Accounts] on the expectation that the PHL board will seek to list it separately on the Australian Securities Exchange within two years of its initial investment in an advisory firm, with [Managed Accounts] planning to retain a 25 per cent interest in PHL,” the statement said.

“PHL will not seek to control or influence the board and management of the advisory firms which it partners with but will fully support the independence of underlying firms,” it said.