Australian Financial Services (AFS) Group has this week declined the opportunity to acquire a national mortgage aggregator, chief executive Peter Daly has told InvestorDaily.
"The AFS board decided not to proceed with the deal because of the continued deterioration of the market and the feeling that it was more prudent in the short term to stick to our knitting," Daly said.
"For now, our main focus will continue to be around dealer group acquisitions, recruitment of additional practices to the group and organic growth of our existing practices."
AFS was looking to acquire the mortgage aggregator as an alternative income stream, and while it declined to proceed with the deal, would not rule out the potential acquisition of other alternative income streams if the right opportunity presented itself, Daly said.
"AFS is still in discussions about the potential acquisition of two smaller dealer groups and has also made two recent appointments to the AFS dealer group," Daly said.
Joining the group is Queensland regional manager Adam Kingston and national development manager Sharon Cummins.
Previously a Queensland state manager for Skandia, Kingston's new role will include maintaining the support and development of practices within the state.
"Sharon's is a new role and her responsibilities will include driving a new and more coordinated national recruitment program for AFS," Daly said.
"We've just secured our 20th new practice this financial year and Sharon will help to build on that as well as our funds under management."
