St.George Bid for Fund Manager
St.George Bank has announced its intention to make a $22.57 per share takeover offer for all the shares issued in SEALCORP Holdings Limited.
SEALCORP is a leader in the provision of personal savings and investment services in Australia. It manages ASGARD which is Australia's largest discretionary master trust with approximately $4 billion in funds under administration. Also within SEALCORP are the Securitor and PACT distribution networks, and Assirt, which is widely recognised as a market leader in the research of managed investments.
If they are successful in their bid, St.George will have done something to relieve the pressure of being so reliant on lending margins which have decreased due to intense market pressure. But like similar institutions who have traditionally relied on home lending margins, they still need to increase fee income as a percentage of overall income.