Hartleys in management buyout deal
LISTED financial services groupHartleyshas reached an agreement with a management buyout committee to transfer the group’s Perth-based wealth management staff and their clients to a new unlisted company.
The new company will be controlled by Hartleys Perth-based financial planners, transactional brokers and corporate staff.
According to Hartleys interim chief executive Tony Howarth, “the decision to transfer the wealth management business will allow Hartleys to concentrate on its JDV operations, a move the company believes will be in the interest of its shareholders. It is intended that JDV will continue to provide outsourcing services to Hartleys going forward”.
The move follows the announcement earlier this week that Hartleys would transfer selected advisers and clients to the Macquarie Financial Services Group and close its offices in the eastern states.
Howarth says through these deals Hartleys is attempting to make its exit from the wealth management business as smooth as possible for both clients and employees.
Chairman of the management buyout committee Richard Simpson says, “the advisers are excited to be returning to an owner-manager business model as it existed prior to the listing of Hartley Poynton, with our sole emphasis on the provision of financial planning, transactional broking, capital raising and corporate advisory services to our clients”.
Simpson expects the transition period to be completed by June 30 this year.
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