Source: International adviser
A deal that would have seen one of Asia’s largest advisory companies, Hong Kong-based Convoy Financial Services, become even larger, has fallen through, after it failed to be completed in the time frame stipulated in the sale agreement.
Convoy, which employs more than 1,500 advisers and which has been listed on the Hong Kong Stock Exchange since 2010, hadannounced last July that it would acquire Singapore-based IPP Financial Services for HK$162.24m ($21m, £13m).
IPP is also a major force in the Asian advisory industry, with more than 400 employees working out of offices in Singapore and Hong Kong, according to its website.
" First AXA's closing of its IPAC broker, which it has tried to make profitable for the past 4 years. Now this significant merger of brokers falling through. This is another stark reflection of the potential challenges that the broker distribution segment in Singapore will be facing in the coming months with the uncertainty surrounding the release of the recommendation from the FAIR insurance industry review."
