A boutique aggregator has announced its acquisition of a Western Australia-based broking group.
Perth-based Specialist Finance Group has acquired Southern Cross Broker Network as the aggregator looks to build on its existing operations.
Specialist Finance Group’s sole owner and managing director, William Lockett, said both companies share a common commitment in providing excellent service to respective wholesale and retail clients.
"Both companies have outstanding business reputations for their respective brokerages. The opportunity simply made good strategic sense,” he said.
According to Mr Lockett, Southern Cross Broker Network’s business values and ethics mirror Specialist Finance Group’s business ethics and the aggregator is looking forward to growing the Southern Cross business.
Southern Cross Broker Network will maintain its existing branding and management and continue to operate in its current form, including its aggregation with long-term partner PLAN Australia.
PLAN Australia CEO Phil Quin-Conroy said he looked forward to continuing to support Southern Cross brokers within the wider Specialist Finance Group network.
“We’ve worked in successful partnership with Southern Cross for a number of years and are excited about the new opportunities available to their brokers under the Specialist Finance Group structure," he said.
"At PLAN Australia, we are committed to supporting our brokers to grow their businesses and it’s pleasing to see Southern Cross’ potential recognised by another leading group.”
This is the second acquisition for Specialist Finance Group in the past six months. It follows the recent acquisition of boutique aggregator Ballast Finance in December 2015.
[Related: Aggregator announces new partnership]
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James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.