Lonsec sells broking arm


Lonsec has sold its stockbroking business to FinClear Pty Ltd.
Lonsec Fiscal Holdings Pty Ltd announced the transaction today and said it had cleared the way for Lonsec to "intensify its commitment to innovate and expand its investment and superannuation research services".
It said that it would be business as usual for the company's stockbroking clients, with services and staff remaining unchanged by the acquisition.
The announcement said that under FinClear's ownership, the stockbroking business would continue to provide clients with exclusive access to Lonsec's direct equity model portfolios as well as Lonsec's ASX200 equity research service.
Commenting on the transaction, Lonsec chief executive, Amanda Gillespie, said Lonsec and FinClear's commitment to work closely together meant that wholesale advice clients would essentially get the best of both worlds.
"They will benefit from access to Lonsec's proven model portfolio and research capabilities, while also knowing that they have the support of a locally owned and independent wholesale broking service through FinClear."
FinClear chief executive, David Ferrall, said the firm saw a "significant opportunity to support the growing trend of new wealth advisory firms being established by previous employees of large financial institutions".
He said FinClear would transition the stockbroking business to new branding in due course.
Recommended for you
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.