Shantanu Jha

New Quantum Holdings Pty Ltd, a Sydney-based technology company that has created a transformational operating system for financial services firms, has completed its acquisition of 80 per cent of Morrison Securities Pty Ltd, an equities clearing, brokerage, and settlement arm of ASX-listed Sequoia Financial Group (ASX: SEQ).

As of August 31, New Quantum concluded the last tranche of the $40.5 million acquisition, creating a combined entity handling over $2.2 billion trades per annum and $20 billion of committed funds under management on the New Quantum platform.

New Quantum Group Chief Executive Officer, Shantanu Jha said, “New Quantum’s acquisition of Morrison Securities is the cornerstone of a series of transactions laying the foundation for both its domestic and global growth.”

In Australia, New Quantum seeks to build on Morrison’s infrastructure and become the definitive platform for fintech and financial services firms, with a unique focus on automating the complex workflows around wealth management and superannuation funds.

Globally, New Quantum plans include developing further strategic partnerships in the Middle East, Asia, and the US, centering its efforts around its leading technology infrastructure platform for government pension funds.

New Quantum is backed by its equity sponsor, Beaconsfield Capital Management, a technology focused hedge fund based in London and Boston. Beaconsfield’s Chief Investment Officer, Shantanu Jha, will be the incoming Group CEO of New Quantum and its subsidiaries, overseeing both domestic and international expansion.

Subsequent to the acquisition’s closing, Jha stated “New Quantum’s mission to automate and abstract away the complexities of regulation, administration, and capital allocation is uniquely geared to creating a revolution in the financial services world.

“We believe New Quantum’s operating system for financial services firms, combined with the venerable financial infrastructure of the newly acquired Morrison, exemplifies the power of vertically integrated business models that can internalise the value created by the underlying technological automation.”

Executive Director of New Quantum’s Australia business, Jong Chung stated that “The acquisition of Morrison makes New Quantum a unique value proposition in the Australian financial services world: we offer a technology platform of unique breadth and depth buttressed by one of Australia’s most reputed independent financial services firms.”

New Quantum’s near future includes a public listing on the Nasdaq via its reverse merger with Canna Global (NASDAQ: CNGLU), with the business combination agreement signed in June valuing New Quantum at $800 million USD, or over $1.2 billion AUD.

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