Western Financial, the business arm of the Western Australian Local Government Superannuation Plan, has picked up a 50 per cent stake in Grove Research alongside Apostle Asset Management Limited.
The transaction, announced today, also sees former SAI Global boss Ross Wraight become executive chairman of Grove — an institutional investment research and advisory firm covering both the managed funds and direct securities sectors for wholesale investors.
Grove Financial was already providing Western Financial with what was described as a high-end research and advisory capacity that was assisting Western Australian councils and other eastern states clients.
Commenting on the move, chief executive of Western Financial John McNally said the business was now looking to expand the Grove services in both Western Australia and nationally.
Apostle Asset Management, which holds 50 per cent of Grove Research and Advisory, was the result of last year’s management buy-out of Ixis Asset Management.
McNally said that Western Financial had been searching for a strategic partner in the research and advisory space but, until now, had found it difficult to find a business that offered truly independent advice.
“It is this independence which we will ensure continues unchanged,” he said.
