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Western Pacific expands again

PERTH-BASED financial services dealer group Western Pacific has outlaid $2 million to acquire a 9 per cent shareholding in listed advisory firm Snowball Group. Western Pacific chief executive Geoff Pritchard described the move as a strategic purchase, saying it provided distribution opportunities in Sydney and Melbourne as well as opportunities in the corporate superannuation market.The investment has been made by Western Pacific Investments, the group’s venture capital arm.It follows the recent acquisition of 20 per cent shareholdings in two boutique fund managers, MMC Asset Management and Select Asset Management.Senior advisers within Western Pacific previously held the shares. The purchases cost a total of $8 million.Western Pacific describes itself as the largest WA-based independently owned dealer group, with 55 proper authority holders and $1.5 billion in funds under advice. Western Pacific has four divisions: its core financial advisory group; its venture capital arm; a new asset management business; and a structured products business. The investment in Snowball was part of a $5 million capital raising by that group, to fund its latest expansion moves.

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