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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.
Wealth management software business New Quantum is understood to have lobbed a bid for ASX-listed peer Sequoia Financial’s equities clearing business Morrison Securities.
The clearing and broker services group expects to have locked in its white knight within the next few days.
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Clearing and broker services group Openmarkets is scrambling to secure a cashed-up new backer, so it can be in a solvent position come its June 30 balance date.