Wealth group Mason Stevens mulls sale, float; hires Bank of America
Private investment manager Mason Stevens is considering getting in on the M&A activity blowing through Australia’s wealth management industry.
Industry sources said the review followed plenty of approaches at Mason Stevens in recent years, as private equity groups and wealth specialists including IOOF tried to make the most of the big four banks’ retreat from Australian wealth and AMP Ltd’s demise.The firm offers asset management, an investment platform and private banking, providing access to domestic and international equities, fixed income securities, hybrids, bonds, term deposits and derivatives.Sources said the review was sparked by aggressive change in the Australian wealth management industry, with the likes of Commonwealth Bank of Australia, National Australia Bank, ANZ and Westpac getting out, and AMP struggling to retain clients and advisers.