Risk insurers wanted ahead of Centric IPO

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1 March 2010

Sydney-based financial adviser Centric Wealth has tabled an aggressive expansion policy, seeking greater reach into risk insurance and an eventual public float.

Centric Wealth is headhunting insurance specialists in Melbourne, Brisbane and Canberra to complement and beef up its financial planning network in anticipation of an initial public offer (IPO). It currently only employs one risk specialist out of its Melbourne office.

The company abandoned plans for an IPO last year after deciding on an $80 million placement to funds advised by Champ Private Equity.

Centric Wealth Executive Chairman Philip Kelly says recruitment is occurring across all business lines, but insurance is coming in for special attention.

“Given the balance of our business, we are keen to do acquisitions of risk insurance businesses during 2010,” Mr Kelly says. “We already have strong risk insurance capability addressing both the personal and business needs of our clients. 

“Our aim now is to acquire successful operations with a vision and client base that is complementary to our own and which are located closer to our Melbourne, Canberra and Brisbane offices.”