MST completes FIIG AM acquisition, expands leadership team

MST Financial has completed its acquisition of FIIG Asset Management from AUSIEX, a move that has also bolstered its leadership team.

This transaction sees MST acquire FIIG’s Fixed Income Management Funds (unit Trusts) and individually managed account (IMA) portfolio management services.

On top of this, FIIG’s investment management team have joined MST, including head of investment management Kieran Quaine, head of IMAs Megan Romeo, and head of unit trusts Garreth Innes, all of whom will join the firm’s income division.

Meanwhile, industry veteran Andrew Tracey has joined the team as head of distribution, bringing with him a wealth of experience including three decades at JBWere where he was most recently the head of discretionary and managed accounts, developing expertise in dealer groups, adviser platforms, managed accounts, and discretionary portfolio solutions.

Now having completed the integration of FIIG, MST said the firm has successfully novated almost 100 per cent of funds under management (FUM), including key large-volume IMA investors.  

The firm said that the completion of this deal marks a significant step in MST’s strategy as it aims to strengthen its income platform capabilities across fixed income, credit and hybrids, while also bringing its combined FUM and funds under advice (FUA) to over $700 million across the Unit Trusts, IMA and MST’s existing sandstone income separately managed accounts (SMAs).

Leveraging its new capabilities, MST said it would use the newly combined expertise in hybrid, credit and research to help support advisers and investors as Australia shifts away from listed bank hybrids as these funds prepare to wrap up ahead of the 2027 phase-out and toward institutional and OCT issuance.

Namely, it will utilise the MST Hybrid Transition Strategy, which is specifically designed to assist investors through a progressive shift from ASX-listed hybrid exposure into diversified, liquid, institutional-grade income portfolios.

MST Financial chief executive Gerard Satur said the acquisition of FIIG strengthens the firm’s fixed income and credit capabilities, helping it better support the needs of advisers.

“By combining institutional credit expertise with MST’s hybrid leadership, we can deliver a truly comprehensive income platform for advisers and investors as markets evolve. MST will continue to focus solely on income, credit, and structured strategies within its asset management division,” Satur said.

AUSIEX chief executive Patrick Salis added that he is pleased to see FIIG join MST, noting the importance of ensuring continuity of service to its existing clients.

"This transaction furthers a strong strategic partnership between AUSIEX as a leading listed and OTC bond execution platform and MST’s specialist income management capability. Together, we are improving market access for advisers and investors in Australia’s OTC fixed-income ecosystem.”