Beyond the numbers with Grant Thornton: Listen now
Sydney-based Implemented Portfolios is a fast growing Manage Discretionary Accounts (MDA) provider, offering an Individually Managed Account (IMA) service to retail clients through their institutional and financial advisor channels.
Founded in February 2010, the Company has expanded its funds under management (FUM) base to circa $1.9 billion which is predominately managed directly through a number of in-house and externally provided model portfolios. The business was founded by Santi Burridge and Kristi Conacher to assist financial advisors in delivering a highly individualised, high touch investment experience to their clients and in so doing, allowing them to focus on the clients’ overall wealth management needs.
Similar to Grant Thornton’s findings in its 2022 Dealtracker report, the sale of Implemented Portfolios reinforces the current theme of strong consolidation in the Financial Services sector, particularly around new business models challenging legacy providers which is evident in the funds management sector.
A competitive process was undertaken to secure the most suitable buyer for Implemented Portfolios. To facilitate the sale, Grant Thornton acted as lead corporate advisor to the shareholders working alongside Deutsch Miller who acted as legal advisors. Lonsec were advised by McGrath Nichol and Ernst & Young on transaction and tax services and Baker McKenzie as legal advisors.
Commenting on the sale, Greg Kirk, CEO of Implemented Portfolios, said: “I am extremely satisfied with the sale to Lonsec who are the ideal owner to take the business to the next level. Our shareholders, staff, adviser and investor clients are all benefiting in the outcome in different ways, but with the same positive view of the future for Implemented as a business. I enjoyed working with Paul and the GT team, and having their guidance and support was critical to such a positive outcome.
Paul Gooley, National Head of Corporate Finance, Grant Thornton Australia, added: “The sale of Implemented Portfolios was a very rewarding experience for our team given our involvement with the business since its early formation and watching the journey from a disruptive idea to the strong business it is today. All credit to Santi Burridge, Kristi Conacher and their initial investors vision to see the opportunity and implement the strategy together with the dedication of CEO Greg Kirk and his Management Team to ultimately realise this vision.
“Despite the recent headwinds in financial markets, this is an example of businesses with strong disruptive business models and experienced management teams achieving great transaction results. Congratulations to the shareholders of Implemented Portfolios on their sale to Lonsec.”
Press Release
Congratulations to Implemented Portfolios
15 Aug 2022
Implemented Portfolios completed their 100 per cent sale to research house, Lonsec backed by Mark Carnegie and ASX Listed Generation Group, as part of a full competitive process on 3 August 2022. The acquisition will accelerate Implemented Portfolios growth and product development as part of the wider Lonsec group.
Sydney-based Implemented Portfolios is a fast growing Manage Discretionary Accounts (MDA) provider, offering an Individually Managed Account (IMA) service to retail clients through their institutional and financial advisor channels.
Founded in February 2010, the Company has expanded its funds under management (FUM) base to circa $1.9 billion which is predominately managed directly through a number of in-house and externally provided model portfolios. The business was founded by Santi Burridge and Kristi Conacher to assist financial advisors in delivering a highly individualised, high touch investment experience to their clients and in so doing, allowing them to focus on the clients’ overall wealth management needs.
Similar to Grant Thornton’s findings in its 2022 Dealtracker report, the sale of Implemented Portfolios reinforces the current theme of strong consolidation in the Financial Services sector, particularly around new business models challenging legacy providers which is evident in the funds management sector.
A competitive process was undertaken to secure the most suitable buyer for Implemented Portfolios. To facilitate the sale, Grant Thornton acted as lead corporate advisor to the shareholders working alongside Deutsch Miller who acted as legal advisors. Lonsec were advised by McGrath Nichol and Ernst & Young on transaction and tax services and Baker McKenzie as legal advisors.
Commenting on the sale, Greg Kirk, CEO of Implemented Portfolios, said: “I am extremely satisfied with the sale to Lonsec who are the ideal owner to take the business to the next level. Our shareholders, staff, adviser and investor clients are all benefiting in the outcome in different ways, but with the same positive view of the future for Implemented as a business. I enjoyed working with Paul and the GT team, and having their guidance and support was critical to such a positive outcome.
Paul Gooley, National Head of Corporate Finance, Grant Thornton Australia, added: “The sale of Implemented Portfolios was a very rewarding experience for our team given our involvement with the business since its early formation and watching the journey from a disruptive idea to the strong business it is today. All credit to Santi Burridge, Kristi Conacher and their initial investors vision to see the opportunity and implement the strategy together with the dedication of CEO Greg Kirk and his Management Team to ultimately realise this vision.
“Despite the recent headwinds in financial markets, this is an example of businesses with strong disruptive business models and experienced management teams achieving great transaction results. Congratulations to the shareholders of Implemented Portfolios on their sale to Lonsec.”
Experts / Authors
Mikala Spark
Senior Communications Manager at Grant Thornton Australia
Grant Thornton uses cookies to monitor the performance of this website and improve user experience. If you are happy to accept cookies from this site, please check the box. To find out more about cookies, what they are and how we use them, please see our privacy notice, which also provides information on how to delete cookies from your hard drive.
