Morrison Securities News Today

Sequoia has reported an “abnormally high” NPAT increase of more than 4,000 per cent on the previous year, while reporting strong tailwinds for its licensee division and adviser growth.

Sequoia has reported an “abnormally high” NPAT increase of more than 4,000 per cent on the previous year, while reporting strong tailwinds for its licensee division and adviser growth.

Sequoia has completed the sale of 80 per cent of Morrison Securities to Sydney technology company, New Quantum Holdings.

The firm has announced a 55.6 per cent drop in EBITDA to $5.5 million, but remains determined in its strategic growth ambitions, with further acquisitions likely heading into FY24.

Former Praemium chief distribution officer, Martin Morris, has found a new role at Sequoia Financial Group, among three senior appointments made by the firm.

Morrison Securities (Morrison) has paid a penalty of $333,000 to comply with an infringement notice given by the Markets Disciplinary Panel (MDP).

Bondi-based digital wealth management platform New Quantum has signed a business combination agreement with Canna-Global Acquisition Corp to become a publicly listed company in the US.

The financial group’s cash at bank on settlement was expected to exceed $45 million in selling 80% of its equities clearing business to New Quantum.

Sequoia Financial Group has signed a binding deal to sell 80 per cent of its equities clearing business Morrison Securities to wealth management software business New Quantum, as flagged by Street Talk on Tuesday.

A dispute with its PI insurance provider and difficulties integrating direct investments has led to a “disappointment and an aberration” of a business update according to Sequioa lead Garry Crole.