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
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
