Investments made under AFG's Broker Investments program
ASX-listed Australian Finance Group Limited has made its first investments under its newly launched Broker Investments program via the acquisition of minority stakes in Melbourne-based Empower Wealth Group and Perth’s Lifespan Mortgage Services.
AFG’s chief executive officer David Bailey (pictured) called Empower and Lifespan “highly successful and ambitious” businesses that were seeking investments to drive their specific needs.
“This investment represents an acknowledgment of our growth and maturity as a leading financial and property services business in Australia,” said Empower’s director Ben Kingsley.
Lifespan director David Moore stated: “AFG’s investment in Lifespan has enabled us to restructure ownership at a time when one of our founders was nearing retirement.
“This move means our team of leading WA mortgage brokers can confidently continue supporting our customers’ needs and financial goals for years to come.”
AFG’s Broker Investment program revolves around taking equity stakes in broker businesses to support growth and their financing needs.
The program was announced in November 2024 in response to feedback from our brokers that they were looking for access to investment and capital tailored to support the individual needs of their businesses”, said Bailey.
“Opportunities for brokers will only increase as the value and importance of the broker channel continues to grow,” he said, adding: “We are working with Empower Wealth and Lifespan Mortgage Services at a time when they evolve into the next stage of their business growth.”
AFG shares were swapping for $1.42 each with a market capitalisation of $412 million at the time of writing.
