Sink or swim
Grant Hackett has made the biggest move of his post swimming career — and it reflects major underlying shifts in Australia's financial services industry.
Olympic gold medalist Grant Hackett has experienced his fair share of ups and downs since leaving the swimming pool. But this week was surely one of the highest points in his corporate career, as the $1.5 billion ASX-listed company he now oversees finalised a significant acquisition.
“If there was one deal I could do, this is it,” Hackett told investors in Generation Development Group, referring to its $320 million purchase of Evidentia Group, as reported by Capital Brief’s Jassmyn Goh.
Career-defining deal it may be. But regardless of how the transaction pans out, it also reflects some of the key trends developing in Australia’s financial services industry.
Through the deal, GDG, which was formerly known as Austock and is the owner of fund ratings house Lonsec, will become the largest operator of managed accounts in Australia. Managed accounts — professionally managed portfolios often tailored to an individual’s needs — have surged in popularity in recent years.
