Superannuation services provider Trustee Partners has snapped up Madison Financial Group, an Australian financial services dealer group, from PHAROS Financial Group.

The transaction, whose terms were not disclosed, also covers OneVue private label platform WealthPortal, PHAROS subsidiary AdviceNet as well as separately managed account provider Proactive Portfolios.

Trustee Partners general manager Andrew Peterson added: “Madison Financial Group’s desire to lead and deliver solutions that enable advisers to spend more time delivering advice to their clients is invaluable to our growth plans in the financial services market.”

PHAROS managing director and co-founder Mark Perry said that offers for takeover of Madison were earlier scrapped, and said that compatibility and shared vision were the key factors while deciding on the sale.

“It was critical that we secured a buyer who is product agnostic, supports our community with a growth and succession mindset, and whose other business interest and acquisition plans are compatible with our values,” Perry noted.