Ashurst advises FinClear Holdings on acquisition of Pershing Securities Australia

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    The acquisition, by way of a share purchase agreement, is subject to customary conditions and is expected to complete early in the second half of calendar 2021.

    The transaction is a key step in FinClear's plan to enhance its service offering to larger stockbrokers, a key target market within its already diverse client base that includes financial planners, stockbrokers and wealth managers, wealth platforms, FinTechs and large institutional clients.

    Ashurst has previously advised FinClear on various corporate and regulatory matters, including a A$20 million capital raising from Magellan Financial Group when it became a strategic investor in FinClear in October 2020.

    Partner Stuart Dullard commented:

    "We are delighted to have advised FinClear on its acquisition of Pershing Australia. The integration of Pershing Australia will strengthen the foundation of FinClear's business and provide the increased scale needed to develop its market-leading trading, execution, clearing and technology platform for future growth." 

    The Ashurst core team was led by partner Stuart Dullard and included senior associates Harry Marples, Fran Barber, Jason Maletic and lawyer Suvan Madan. The core team was further assisted by partners Philip Trinca, Rehana Box, Peter Armitage, Jane Harvey, Mark Bradley, Lisa Ritson, Rebecca Cope, Kenneth Tang, Andreas Mauroschat, Jonathan Gordon, senior associates, Helen Yu, Jayaki Gunaratnam, Alexandra Nash, Sashini Walpola, Emilie Maddox and lawyers Zach McLoughlin, Josephine Gardiner, Kerry Liang, Jessica White, Phillip Alphonse, Sean McKeon and Lawrence Leung.