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MFS acquisition announcements due shortly

MFS has again confirmed it has quite big expansion plans for New Zealand including getting into the funds management and advisory markets.

Friday, November 17th 2006, 6:55AM
Recently-appointed chief executive Jason Maywald, says that some announcements on expansion and acquisition are due “very shortly”.

While he can’t confirm it, Good Returns understands MFS is looking at buying the Northplan group of advisers.

He told a group of advisers and investors at a presentation in Tauranga recently that "MFS is acquisitive by nature and is presently considering a range of acquisitions and investments that relate to its existing and new businesses."

Maywald says MFS are in effect cloning the best parts of its Australian operation in New Zealand.

MFS, which is a listed company recently promoted to the ASX 200, has a market capitalisation of nearly A$1 billion.

While it is looking to replicate its Australian operations, the addition of advisory business in New Zealand is something new.

He says in Australia there is a large retail market because of compulsory superannuation so the need to own distribution wasn't so great. In New Zealand a large proportion of investments are sold via intermediaries.

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HSBC Premier LVR > 80% - - - -
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