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Sequoia Financial to increase stakes in 2 subsidiaries

Sequoia Financial Group Ltd. will boost its stakes in subsidiaries Finance TV Pty Ltd. and InterPrac General Insurance Pty Ltd. and acquire the self-managed super fund client base of My Own Super Fund Pty Ltd.

The company said it is in the final completion stages of raising its stake in Finance TV, which trades as Finance News Network, to 77.07% from 53.95%. It will also boost its stake in Interprac General Insurance to 100% from 90%. The company said it is using cash to fund the share purchases.

Finance News Network provides online finance video news in Australia, while InterPrac General Insurance is an insurance brokerage business.

In addition, Sequoia Financial is in the final stages of acquiring the self-managed super fund client base of My Own Super Fund and will employ its founding director Mark Phillips as head accountant to the companies of various self-managed superannuation administration businesses.