The long-running takeover saga of Australian Financial Services Group (AFS) has been concluded, with CEO Peter Daly saying all deals are off.

In April last year AFS announced it was in discussions with two buyers and both were undertaking due diligence.

In February Mr Daly announced AFS had pulled out of a deal to buy an unnamed dealer group, and last month there was talk IOOF was in final negotiations for AFS.

Mr Daly says the plan now is to look at floating AFS, but in the meantime it will remain adviser-owned.

“While acquisition overtures were flattering, those discussions have permanently ceased and AFS will return to the path of an initial public offering,” he said.

“The group is experiencing record profits and has a strong financial position from which to present a serious alternative to institutions that are endeavouring to corner the independent adviser market sector.”

A previous deal with an unnamed institution last December collapsed when the buyer demanded to know how much product the group sells.

Mr Daly says being adviser-owned means its approved product list also remains independent.

AFS was formed in 1995 and in April 2006 it bought out a 40% stake in the dealer group held by Zurich.