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Jessica Darnbrough
Speculation is mounting that one of Australia’s biggest aggregation groups is on the verge of beefing up its presence through an acquisition.
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Vow Financial is reportedly poised to make a move for a smaller aggregation group as it looks to consolidate its position as a major force in the broking market.
While the aggregator remains tight lipped on specific targets, Vow’s chief executive officer Tim brown confirmed with The Adviser that acquisitions were on the company’s radar.
“We are looking at a number of potential acquisition targets at the moment. But as of yet, nothing has been finalised,” Mr Brown said.
“We have made no secret of the fact that we want to grow our business and we believe acquisition is the only way to achieve that in this current climate.”
Vow Financial is no stranger to growth through acquisition.
The company was formed in February 2010 when The Mortgage Professionals, National Brokers Group and The Brokerage consolidated under the guidance of Macquarie Bank to become Vow Financial.
The aggregator is the country’s fifth largest aggregator and boasts a network of more than 900 brokers that collectively have loans under management of about $16 billion.
Macquarie Bank currently holds a 20 per cent stake in the company.
