Lonsec sells broking arm
Lonsec has sold its stockbroking business to FinClear Pty Ltd.
Lonsec Fiscal Holdings Pty Ltd announced the transaction today and said it had cleared the way for Lonsec to "intensify its commitment to innovate and expand its investment and superannuation research services".
It said that it would be business as usual for the company's stockbroking clients, with services and staff remaining unchanged by the acquisition.
The announcement said that under FinClear's ownership, the stockbroking business would continue to provide clients with exclusive access to Lonsec's direct equity model portfolios as well as Lonsec's ASX200 equity research service.
Commenting on the transaction, Lonsec chief executive, Amanda Gillespie, said Lonsec and FinClear's commitment to work closely together meant that wholesale advice clients would essentially get the best of both worlds.
"They will benefit from access to Lonsec's proven model portfolio and research capabilities, while also knowing that they have the support of a locally owned and independent wholesale broking service through FinClear."
FinClear chief executive, David Ferrall, said the firm saw a "significant opportunity to support the growing trend of new wealth advisory firms being established by previous employees of large financial institutions".
He said FinClear would transition the stockbroking business to new branding in due course.
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