Lonsec sells broking arm
Lonsec has sold its stockbroking business to FinClear Pty Ltd.
Lonsec Fiscal Holdings Pty Ltd announced the transaction today and said it had cleared the way for Lonsec to "intensify its commitment to innovate and expand its investment and superannuation research services".
It said that it would be business as usual for the company's stockbroking clients, with services and staff remaining unchanged by the acquisition.
The announcement said that under FinClear's ownership, the stockbroking business would continue to provide clients with exclusive access to Lonsec's direct equity model portfolios as well as Lonsec's ASX200 equity research service.
Commenting on the transaction, Lonsec chief executive, Amanda Gillespie, said Lonsec and FinClear's commitment to work closely together meant that wholesale advice clients would essentially get the best of both worlds.
"They will benefit from access to Lonsec's proven model portfolio and research capabilities, while also knowing that they have the support of a locally owned and independent wholesale broking service through FinClear."
FinClear chief executive, David Ferrall, said the firm saw a "significant opportunity to support the growing trend of new wealth advisory firms being established by previous employees of large financial institutions".
He said FinClear would transition the stockbroking business to new branding in due course.
Recommended for you
The Federal Court has issued its verdict in ASIC's first greenwashing case against Vanguard Investments Australia regarding the use of ESG exclusionary screens.
Investment managers who plan to implement artificial intelligence in the next five years expect to see increased productivity, but views are mixed on whether it will boost revenue and assets under management.
A former corporate adviser has been sentenced in the Supreme Court of Western Australia for insider trading to realise a profit of more than $57,000.
Private markets expertise is sought-after for investment operations hires as allocations to alternative assets rise, according to a recruitment firm, but there is a gap between demand and supply.