New role for Sanders
Assirt managing director Brett Sanders has been named managing director of the merged Assirt/ Bourse Data business.
Earlier this month Bourse Data shareholders gave the green light to the merger alongside the alliance with former Assirt owners St George Bank. Shareholders also approved a change of name to WealthPoint, designed to indicate the company's change of focus.
Under the deal, Bourse will issue $212 million worth of preference shares to St George in exchange for the bank's ASSIRT research division and the Quicktrade online stockbroking business.
St George will control about 60 per cent of the company at the completion of the deal, expected by the end of this month.
Bourse chairman Gil Hoskins says the deal will give Bourse access to the bank's two million plus retail customer base and allow it to offer services to its financial planning groups.
Saunders, who takes over on October 1, says the name WealthPoint represents a single point where all of a person's financial services needs could be met.
"We see a range of revenue streams coming through," he says.
"The most important of these commissions to be generated through the sale of products off this site."
Other revenue streams would include various fees and technology and research.
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