Genesis Financial, a globally diversified financial services company with a focus on Fintech Investment, Wealth Management and Lending Platforms, announced that it successfully completed its acquisition of Ballast Holdings Pty Ltd. (Ballast Group) on June 30, 2020.
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Ballast operates as a holding entity for its operating subsidiaries: Ballast Accountants Pty Ltd., Ballast Financial Planning Pty Ltd. and Ballast Superannuation Management Pty Ltd. The Ballast Group provides a comprehensive range of accounting and taxation advice and solutions for investors and small- to-medium businesses. Its services include tax planning and structuring, management and cashflow reporting, tax returns and ASIC compliance, including a SMSF specialist practice and can also assist with buying and selling businesses. The Ballast Group also offers finance and mortgage advice services through agreements with various mortgage brokers and aggregators.
The Ballast Group represents $120 million (USD$85 million) in funds under management (FUM) and has a strong affiliation with its clients long term. Ballast operates a business with high gross margins which have driven an EBITDA for the fiscal year ended June 30, 2020 of AUD$2.05 million (USD$1.45 million) and had over AUD$1.8 million ($1.276 million) cash in hand at June 30, 2020 which will be consolidated into Genesis’s June 30, 2020 balance sheet (all subject to audit).
Ballast Group’s key operating areas include:
- Funds management and advisory services;
- Funds administration; and
- Wealth management.
Genesis has also completed the acquisition of Cosight Financial Limited (Cosight) through a share exchange. Cosight holds valuable intellectual property which is expected to allow Genesis to expand it platform of investment management services across all major asset classes, both in Australia and internationally, to a diverse set of institutional clients and to provide the base for expanded portfolio management and financial advisory services primarily catered to institutional clients, such as investment funds, corporations and financial institutions.
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