Everest to be wound-down
Everest Financial Group has announced to the Australian Securities Exchange (ASX) that it will be winding down operations with a view to returning capital to shareholders.
The company announced today that its decision to depart the market had been taken following a strategic review and that its chief executive, Jeremy Reid, would be relinquishing his role to become a consultant to assist with the wind-down.
It said it was now exploring the transfer of the majority of its funds management responsibilities to a third party financial services firm that had expressed interest.
Commenting on the move, Everest chairman Greg Martin said the strategic review had allowed detailed consideration of the various options for the business and that a view had been formed that the most appropriate course was an orderly wind-down.
AUTHOR
Mike Taylor
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
