Bell Potter completes Southern Cross integration
Bell Potter has formally combined the specialist institutional business of Southern Cross Equities with the retail distribution network of Bell Potter, three years after Bell Financial Group acquired Southern Cross.
Since then the two subsidiary businesses have operated separately pending the completion of the three-year earn-out period for Southern Cross that has now expired, allowing Bell Potter to take unrestricted control of Southern Cross Equities.
Executive chairman of BFG Colin Bell said the integration gives the group a wholly Australian-owned, full-service broking house.
“Charlie Aitken now heads up the wholesale business and Angus Aitken runs the institutional dealing desk, and James Unger is in charge of equity capital markets. A London office was established in early 2009 under Phillip Beard, and a Melbourne office was set up not long after, which Anton Whitehead has recently been brought in to manage,” Bell said.
“Steve Goldberg has recently joined us to head up the research team which has been rebuilt and strengthened. In total, Southern Cross has recruited about 30 new team members, spread over institutional dealing, corporate and research.”
The group has also recently appointed Dean Surkitt to head up retail and Matt Farr to run its Queensland offices, he said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
