Liberty acquires aggregator, boosts distribution network
Wholesale aggregator National Mortgage Brokers has been acquired by Liberty Financial from Aussie Home Loans. James Symond, chief executive officer of Aussie, called nMB "one of Australia's longest established mortgage aggregators". It's this aspect of nMB that has attracted Liberty, while Symond insisted that "the future of Aussie's long-term strategy is to concentrate solely on our own branded distribution footprint". James Boyle, chief executive of Liberty, noted that his company had developed its own retail distribution channel, Liberty Network Services, over the past five years, and he saw nMB as a natural continuation."The acquisition of nMB expands our distribution capabilities and creates unique growth opportunities for both organisations. nMB, under Aussie's ownership, has grown to a team of over 400 brokers and a loan book of almost A$14 billion," Boyle said.Gerald Foley, managing director of nMB, said his firm had constantly evolved since its inception in 2001. "I look forward to continuing my leadership of nMB and I would also like to thank Aussie for its support since it acquired the business in 2012," he said.