Australian financial advice and consultancy firm Jana has become fully owned by its management.
Chief executive Georgina Dudley said the MBO marks an “exciting new chapter for Jana as a wholly management owned business” with more than A$1.3trn (£740bn, $914bn, €840bn) in funds under advice.
Jana originally re-acquired a majority share of the business from MLC Wealth in 2017, which retained a 45% stake in the company.
MLC was then sold to Insignia Financial which inherited the shareholding, and has now sold it to Jana’s management team
Jana will continue to provide investment consulting services to Insignia after the deal, and Insignia representatives on the Jana board will step down through a structured succession in 2023.
The transaction is expected to complete by 31 January 2023.The financial terms of the deal were not disclosed.
‘Significant next step’
Dudley said: “Over the past five years, we have seen the benefits of management ownership and how it has further aligned our focus with clients whilst allowing us to deliver exceptional investment results and significantly grow our funds under advice.
“Full management ownership enables us to continue to build on that success and seize even more opportunities for our clients. This is a significant next step in Jana’s evolution, enhancing both autonomy and alignment, and linking staff directly to the success of the business and our clients.”
Fiona Dunn, chairperson of Jana, added: “We are very excited to have Georgina lead Jana into its next phase as we continue to drive the best possible outcomes for our clients.”
Insignia Financial’s chief asset management officer Garry Mulcahy said the partnership “had been productive for both Insignia Financial and Jana. This resetting of the commercial relationship is on strategy and aligned to Insignia Financial’s ongoing focus on simplification.”