Australia's Sequoia Financial Group hits 3-week high on Yellow Brick Road partnership

Yellow Brick Road Holdings

27/12/2019 24:51

** Shares of financial services provider Sequoia Financial
Group Ltd  SEQ.AX  rise as much as 4.7% to A$0.225, their
highest since Dec. 4
    ** Co says unit InterPrac Financial Planning Pty signed
agreement to provide wealth management solutions to Yellow Brick
Road Holdings Ltd  YBR.AX   urn:newsml:reuters.com:*:nASX60fj0f
    ** Under agreement, InterPrac to buy 56 existing YBR wealth
advisers for A$2.5 mln ($1.74 mln)
    ** Co adds transfer of YBR advisers to InterPrac will drive
up to additional A$10 mln gross revenue over the first 12 months
    ** Co also signs a cross-referral arrangement, where Sequoia
will act as the preferred referral partner of wealth advice and
services for YBR's mortgage broking network
    ** Stock posts its biggest intraday pct gain since Dec 4; on
track for a second consecutive session of gain
    ** About 1 mln shares change hands, versus the 30-day
average of about 193,000 shares
    ** Stock down 20.4% this year, as of last close
       
($1 = 1.4403 Australian dollars)

 ((aditya.srivastsav@thomsonreuters.com))