Millennium3 finalises Mawson acquisition

ING advice group Millennium3 announced today it has successfully completed the purchase of the assets of national dealer group Mawson Group Australia Limited.

Sixty-five Mawson’s advisers have joined Millennium3, and Mawson’s business operations have been fully integrated into Millennium3. Last April Mawson Group shareholders accepted an offer from Millennium3 to buy the dealer group.

The acquisition increases Millennium3’s adviser numbers to 590, making it the fifth largest dealer group in Australia, with $180 million per annum in-force risk premium, and $5 billion in funds under advice.

Darryl Foster, Millennium3’s joint Managing Director, said: “We are very pleased to have now finalised the acquisition of this business, and we welcome the new advisers and their clients. Mawsons is a good fit with Millennium3’s proven business model of leveraging links with other advice professionals, including general insurance brokers and accountants.”   

Colin Morgan, ING Advice Executive Director, said: “This acquisition underlines ING’s desire to grow our network by attracting advisers who will complement our balanced portfolio of advice groups, including Millenium3, Retireinvest, Tandem Financial Advice and ING Advice.”