WHK Group founder and former managing director Kevin White has become Easton Investments managing director as part of a push to grow the distribution of the small, listed financial services company.
White was with WHK Group for 15 years until he stepped down in mid-2011, leading the group as it became the fifth largest accounting group in Australia.
White will work with the former managing director Campbell McComb, who has moved to the new position of chief operating officer.
He said the work with Easton, which focuses on taking stakes in boutique funds management and financial planning businesses, “was not that far apart from what we did at WHK”.
“While it is very early days, our intention will be to pursue a clear strategy in strengthening the company’s distribution capability in the financial services sector. Our business model going forward will centre on the selective ownership of a meaningful interest in accounting and financial planning businesses that fit with our strategy, direction and philosophy,” White said.
“This strategy aligns well with the Company’s existing funds management and advisory activities and provides an opportunity to organically grow those operations as distribution is expanded. It is clear that building a strong distribution capability in financial services will create strategic value, and accounting firms in particular play a prominent role in this regard.”
Easton also announced it will raise $2.1 million by way of a 1-for-3 non-renounceable rights issue, with the funds to be used for business development, acquisitions and general working capital purposes.
