Financial services firm Plan B Group is in a strong position to take advantage of new business opportunities, with the group close to signing an agreement with a third-party provider, the group's executive chairman has said.
Plan B executive chairman Bryan Taylor said the group had a strong pipeline of potential new business, including a potential deal with a self-managed superannuation fund (SMSF) administrator.
Taylor said the group was in the final stages of putting in place an agreement with an SMSF provider to offer a solution for the group's clients.
He said the new business opportunities came from an increased level of business development activity across the company and its executive advisory services program.
As well as securing new business, the company said in its half-year review that it had taken over the investment management function in relation to its international equities portfolio.
"This follows the success achieved since integrating the management of our Australian equities portfolio in October 2009. Not only will this provide a strong earnings uplift for the group in the second half of the financial year, it also provides valuable benefits to our clients," Taylor said.
He said the integration of the group's portfolios had led to the development of a new structure based in New Zealand that was specifically tailored for that market.
"We are working closely with our New Zealand partner to transition funds into this new vehicle and expect that this process will start early in the fourth quarter of the financial year with significant uptake by 30 June 2011," he said.
"We expect that this operation will be an important source of additional earnings to the group while providing an ideal investment solution for our partners and clients in the New Zealand market."
Earlier this month, Plan B recorded a 9.1 per cent increase in total funds under management, administration or advice of $2.23 billion.
