Snowball (SNO) announces that it has acquired the corporate superannuation business of Thornton Group. The business is based in Adelaide and has approximately $28 million of funds under advice. This acquisition adds to Snowball’s substantial existing corporate superannuation business.
Snowball has not taken on any employees or other costs as part of this transaction as the business will be serviced by existing resources, which includes staff from the Adelaide based corporate superannuation business recently acquired from Hood Sweeney (announced on 3 March 2008). Accordingly, this acquisition highly leverages the acquisition of Hood Sweeney.
“This transaction builds on our presence in the Adelaide corporate superannuation market following the recent acquisition of Hood Sweeney and reflects our desire to be recognised as the pre-eminent provider of corporate super solutions to Australian companies and their employees.” said Tony McDonald, Snowball’s Managing Director.
http://www.snowballfinancial.com.au
