PhillipCapital comes to Australia
Following its launch last year, broking and advisory firm Octa Phillip Financial Group has been rebranded as PhillipCapital in line with the commencement of its parent company's Australian operations.
The move is set to boost the Sinagaporean-based group's scale in Australia across wealth management, institutional and private client stockbroking, corporate finance, research and funds management services, PhillipCapital stated.
As part of its growth plans, the group expects to more than double the size of its current private wealth team to over 100 advisers across five offices in Sydney, Melbourne, Perth, Adelaide and the Gold Coast.
According to Michael Wong, chairman of PhillipCapital in Australia, the group plans to become the dominant provider in online broking services, drawing upon the scale of its parent company.
"We are shifting our emphasis to a more customer-based approach - helping clients to invest their assets holistically, looking at their needs to help them plan financially and offering them a wider array of products," Wong said.
Australian investors will have access to both its retail and institutional platforms for a diversified range of investments and management tools for direct market access locally and internationally, the group stated.
It added that the imminent launch of FOREX, CFDs (contracts for difference) and futures platforms would further bolster the number of investment options available and position the company to compete with major industry players.
Jonathan Buckley, PhillipCapital's chief executive in Australia, said the group was positioning itself for the next growth cycle and to provide client services beyond the traditional broking model.
PhillipCapital employs more that 3500 staff in 16 countries and has assets under management in excess of US$20 billion.
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
