Madison Update – 17 February
Commercial in confidence
We hope you were able to take some time to enjoy the weekend. We know there are many conversations amongst you about the current uncertainty of next steps for our community. I sincerely apologise for the concern and questions going through your mind during this time. Be assured, our first priority is to ensure you are safe, the disruption is as minimal as possible and the process of change is transparent, well thought out and openly communicated.
Today I spoke with ASIC to provide an update regarding the sale of Madison. The conversation was insightful and heartening (which may sound strange, given I was speaking to a regulator). ASIC want to ensure we (Madison Advisers and their clients), end up with an AFSL that has good governance, processes and technology that supports accurate document retention with access to quality data. In their words “the AFSL has visibility over who the end client is”; and can access information when required. We also discussed the importance of cultural fit and how the transition to the new owner may unfold.
With respect to the sale process, Bob Neill and the PwC team are now working through the list of interested parties. In addition, information about our AFSL, advisers, governance framework, financials and processes is being gathered for due diligence and to produce a short-form information sheet, then subsequently an information memorandum (IM) for interested parties to review. I’m meeting Bob tomorrow and will provide further information regarding the various stages and a high-level timeline so you have a gauge of what is happening over the coming weeks.
As always, any questions, concerns or suggestions are welcomed. If you feel like speaking after business hours, please send me an SMS and I will attempt to return your call the same evening.
Sincerely,
Annick
0409 706 963
Madison Update – 17 February
Commercial in confidence
We hope you were able to take some time to enjoy the weekend. We know there are many conversations amongst you about the current uncertainty of next steps for our community. I sincerely apologise for the concern and questions going through your mind during this time. Be assured, our first priority is to ensure you are safe, the disruption is as minimal as possible and the process of change is transparent, well thought out and openly communicated.
Today I spoke with ASIC to provide an update regarding the sale of Madison. The conversation was insightful and heartening (which may sound strange, given I was speaking to a regulator). ASIC want to ensure we (Madison Advisers and their clients), end up with an AFSL that has good governance, processes and technology that supports accurate document retention with access to quality data. In their words “the AFSL has visibility over who the end client is”; and can access information when required. We also discussed the importance of cultural fit and how the transition to the new owner may unfold.
With respect to the sale process, Bob Neill and the PwC team are now working through the list of interested parties. In addition, information about our AFSL, advisers, governance framework, financials and processes is being gathered for due diligence and to produce a short-form information sheet, then subsequently an information memorandum (IM) for interested parties to review. I’m meeting Bob tomorrow and will provide further information regarding the various stages and a high-level timeline so you have a gauge of what is happening over the coming weeks.
As always, any questions, concerns or suggestions are welcomed. If you feel like speaking after business hours, please send me an SMS and I will attempt to return your call the same evening.
Sincerely,
Annick
0409 706 963