Snowball Group has not received an official offer on the company, according to Snowball managing director Tony McDonald.
Last month, rumours circulated that Snowball may have caught the eye of a party interested in a takeover of the financial services group.
McDonald said yesterday that, as a publicly listed company, Snowball could not comment on any takeover speculations. "We do not have any firm proposals in front of our board," McDonald told InvestorDaily.
However, he said as a general market observation it would make sense if players in the financial services market are taking an interest in distributors of financial products.
"There is recognition in the broader financial services industry that in the current market, and in light of the Sherry reforms, a lot of power will reside with the distributor," McDonald said.
Distributors of financial products deal directly with clients, giving them unique insight into the demands of customers, he said.
"They are able to represent that consumer and go into the market and buy things on behalf of them, package them up and wrap advice around it. And if they are the ones controlling that process, then they can exert a fair bit of pricing control," McDonald said.
"As a general observation, there are a lot of people in the industry... thinking, maybe I need to be in distribution."
