Financial Services group Snowball has acquired the Adelaide-based corporate superannuation business of Hood Sweeney Securities (HSS). HSS, however, will continue to run its existing financial planning business for private clients.
The acquisition of HSS builds on Snowball's previous acquisition of another corporate super business, Mastertek Benefit Consultants (MBC), which was completed in July 2008, Snowball managing director Tony McDonald said.
"The transaction demonstrates the group's continuing commitment to corporate super as a means of diversifying its revenue base and securing sustainable growth," he said.
"It also reflects our desire to be recognised as the pre-eminent provider of corporate super solutions to Australian companies and their employees."
HSS will operate under the Snowball-owned dealer group Outlook Financial Solutions and has approximately $80 million of funds under advice.
In terms of acquiring further corporate super businesses, Snowball will be looking closely at opportunities in South Australia and Western Australia, McDonald said.
"With a large portion of Big Sky's customer base located in South Australia and Western Australia, Snowball will target potential acquisitions of corporate super businesses in those states," McDonald said.
Snowball entered a joint venture with Big Sky Credit Union in October last year in order to provide financial planning services to its 30,000 members and to look for growth opportunities.
