Former Lonsec director joins GDG board
A former director of research house Lonsec has joined the board of Generation Development Group (GDG) as a non-executive director.
Christine Christian has joined the firm as an independent non-executive director with immediate effect.
Christian was formerly a non-executive director at Lonsec from January 2016 until February 2024, which was fully acquired by GDG earlier this year.
She is also an independent chair of investment platform SelfWealth since April 2023, chair of investment firm Auctus Investment Group since March 2021, and a former president of Chief Executive Women (CEW).
Rob Coombe, chairman of GDG, said: “I am pleased to welcome Christine to GDG’s board. Christine is a highly experienced company director, investor and entrepreneur with a 35-year career that spans financial services, investment, private equity, credit risk, government and media. Her skills and experience will complement those of our existing directors and strengthen the board.”
Christian will be the fourth person on the GDG board alongside Coombe and non-executive directors Bill Bessemer and Giselle Collins.
GDG formerly held a 37 per cent stake in Lonsec but opted to acquire the remaining shares earlier this year, with the resolution approved by 93 per cent of GDG shareholders.
Speaking at the time, Coombe said: “GDG’s acquisition of the residual equity interests in Lonsec represents a significant and exciting step in progressing our growth strategy. Lonsec is already well-known to GDG, with strong knowledge of its operations and management team, having made our initial investment in 2020. Completing this acquisition will allow GDG to consolidate Lonsec’s financial performance and access 100 per cent of its cash flow.
“This acquisition of Lonsec will provide GDG with full ownership of a highly strategic asset in an attractive segment of the wealth management sector. We believe that Lonsec is well-positioned for future growth supported by strong industry and regulatory tailwinds and is expected to provide access to resilient recurring revenue streams from its core research offering.”
The acquisition was first announced on 3 June 2024, with the firm confirming it had entered into a binding agreement to acquire the remaining shares in Lonsec that it does not yet own. It will be funded by a conditional placement of $49.2 million to Lonsec shareholders and an equity raising of approximately $155.4 million.
AUTHOR
Laura Dew
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