YBR exits Smarter Money
Yellow Brick Road continues the rationalisation of its business activities, with the sale last week of its 50 per cent interest in Smarter Money Investments.YBR has sold its interest to one of the shareholders of cash and fixed income investment specialist Coolabah Capital, which is the other 50 per cent owner of Smarter Money Investments.The sale is worth A$7.5 million, with $5 million payable on completion, $2 million in 12 months and $500,000 in 18 months.Coolabah will take all the staff who worked in the distribution and administration side of the Smarter Money joint venture.YBR says its network will continue to offer Smarter Money's and Coolabah's cash and fixed income products.Smarter Money has more than $1 billion of funds, which form part of Coolabah's $3 billion of funds under management.YBR chief executive Mark Bouris said in a statement: "Given YBR's recent strategic pivot away from wealth management to focus on the mortgage market, it made sense that we exited from this business in a controlled and profitable manner."