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Everest Financial Group has announced to the Australian Securities Exchange (ASX) that it will be winding down operations with a view to returning capital to shareholders.
The company announced today that its decision to depart the market had been taken following a strategic review and that its chief executive, Jeremy Reid, would be relinquishing his role to become a consultant to assist with the wind-down.
It said it was now exploring the transfer of the majority of its funds management responsibilities to a third party financial services firm that had expressed interest.
Commenting on the move, Everest chairman Greg Martin said the strategic review had allowed detailed consideration of the various options for the business and that a view had been formed that the most appropriate course was an orderly wind-down.
