Austock Group has announced that it has sold the assets of its Austock Securities business to Intersuisse Holdings.
With the transaction expected to be completed by mid-March 2012, the new entity will be a diversified investment management and financial services group comprising securities, corporate finance and asset management businesses, Austock stated in an Australian Securities Exchange release.
Headed up by Austock managing director and chief executive Paul Masi , the stockbroker stated that the new business will have a national presence with offices in Melbourne, Sydney, Perth, Adelaide and the Gold Coast.
According to the market release, the finalisation of the sale will see Austock become a publicly-listed funds manager with two businesses.
These two ventures will be Austock Property, led by Nick Anagnostu, and Asteron Life, led by Ross Higgins.
Further to the company restructure, Chris Sadler will retire as an Austock Group director, while executive chairman Steven Gregg will remain in his position up until the completion of the sale and transitional initiatives have been implemented.
Masi will also remain on the Austock board to ensure a smooth transfer of Austock Securities employees and business to Intersuisse.
Meanwhile, former Austock chairman William Bessamer will be appointed to the group board as a non-executive director.
Restructuring costs will be incurred of up to $1.0 million as Austock lowers its cost base to reflect the continuing business structure, the Group stated.
