Founder buys Austock's asset management business
One of the founders of the Austock group, Martin Ryan, has purchased its asset management business, comprising the Austock High Yield Fund and the Austock Australian Equity Fund.
The company announced the sale of the business to the Australian Securities Exchange yesterday, which said the transaction had involved a consideration of 3,200,000 Austock shares, which would be held in trust by the Austock Employee Share Trust.
It pointed out that Ryan was not only a founder of the company but had formerly directed the asset management business.
The company said its investment management businesses remained solid, with collective funds under management holding up well through the current global economic turmoil.
AUTHOR
Mike Taylor
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