Bridges team walks out
Bridges’ corporate services team has walked out.
Bridges' corporate services unit, which was staffed by four advisers, departed from Bridges on the eve of a review of the group's role in the Bridges business strategy - a review which was to commence the next day.
The corporate services unit had previously provided Bridges financial planners with access to IPOs. It is understood that Bridges management has for the past few weeks been involved in negotiating an alliance with an external stockbroking house to provide access to IPOs.
Bridges managing director David Bleakley, who has headed the financial planning group since October last year, says that the review of the corporate services unit had already been foreshadowed last September by Tower group managing director James Boonzaier when the Tower group acquired the Bridges business.
"James Boonzaier foreshadowed it the day after he announced the acquisition, and I have since implemented it," Bleakley says.
"I wasn't surprised by the [corporate services'] departure."
The new strategic partnership with the as yet unnamed stockbroking house will fulfill the role vacated by the corporate services unit once negotiations have been finalised.
"Negotiations with the stockbroking house concern the provision of improved access to IPO opportunities as well as research into listed securities," Bleakley says.
Bridges currently has $2.8 billion invested in its discretionary master trusts and just under $2 billion invested in retail funds and portfolio services, from a client base of more than 45,000 from across Australia.
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