Investor Centre Limited (ICU), a financial services company, has announced that it has signed a Heads of Agreement with Onefocus Consolidated Pty Ltd, a diversified financial group, to acquire its subsidiary Onefocus Private Wealth Pty Ltd, which holds a retail Australian Financial Services Licence (AFSL).
The acquisition is part of ICU’s strategy to re-enter the retail securities market, after exiting it in 2020 due to regulatory changes. ICU’s CEO, Mr. John Smith, said that the acquisition would allow ICU to offer a range of financial products and services to its clients, including managed discretionary accounts and dealing in ASX securities.
Onefocus Private Wealth Pty Ltd’s key assets include its AFSL number 228914, which is one of the few retail licences that include managed discretionary accounts, as well as its policies, procedures, templates, financial record, and intellectual property related to running the AFSL.
The purchase price for the acquisition is $250,000, with a $50,000 refundable deposit. The transaction is expected to be completed by the end of March 2024, subject to due diligence and regulatory approvals. The purchase will be funded from ICU’s existing cash reserves.