Rimbal has sold subsidiary and Australian financial services business Rimbal Investment Services Pty Ltd to a Southeast Asian fund management group. The transaction follows a six-month process and is aligned with Rimbal’s strategic direction and focus of core operations in the UK financial advisory market.
Rimbal Investment Services was regulated by the Australian Securities & Investment Commission (ASIC) to provide financial product advice and deal in financial products (including Managed Investment Schemes) to wholesale and retail clients. It was established to support Australian operations in the retail financial services market.
With the Australian financial advice industry having undergone significant change over the last twelve months as a result of the ‘Royal Commission’ into financial advice, the sale of Rimbal Investment Services is aligned with the strategic focus of the Rimbal business in the UK market.