Saxo Australia Has Been Sold to a South African Technology Provider, Rebranding Ahead

The Australian division of Saxo Bank, Saxo Australia, has changed ownership, as Johannesburg-headquartered DMA acquired a majority stake in it. Announced today (Monday), DMA, a technology provider to financial advisers and wealth managers, will acquire 80.1 per cent of the Australian business, while Denmark’s Saxo Bank will retain 19.9 per cent.

Saxo Looking for Buyers

The acquisition came when Saxo Bank itself was looking for potential buyers after a failed attempt to take the company public. The Danish company reportedly received bids from multiple parties but has not confirmed anything yet.

The latest announcement detailed the dilution of the Australian business, which came as the Danish parent company has been reviewing its strategies in the Asia-Pacific region to accelerate its growth, and DMA is launching its offerings in the Australian market.

“We believe DMA’s platform offering will bring tangible benefits to Australian financial advisers and wealth managers, while the business will continue to focus on delivering high-touch, high-quality service for self-directed retail clients,” said DMA's Chief Executive Officer, Richard North.

“It'll be the best of Saxo and the best of DMA—and we think that adds up to the marketplace’s best choice for investors across the entire lifecycle,” he added.

Keeping the Infrastructure Intact

The two companies expect to close the transaction in the second half of 2025. However, the financial terms remain unknown.

Saxo Australia will eventually be rebranded after a transition period, during which its legacy branding will be retained. The business under the new ownership will also retain Saxo Australia’s staff, including its CEO, Adam Smith.

Despite the acquisition, the existing clients of Saxo Australia will continue to receive services under Saxo’s infrastructure.

“We will ensure a smooth transition and aim to enhance the offerings and services provided,” Smith said. “The clients of Saxo Australia will notice no disruption in service, product range, or platform access. We are very pleased to partner with DMA and believe that this will be a game changer for Australian clients.”

Earlier, Admirals also sold its Australian business to an unknown owner. However, the retail trading business acquisition that recently stirred the industry was the purchase of OANDA by the prop firm FTMO.