Austock Group (ACK) is pleased to announce that it has sold the assets of the Austock Securities business (“ASL”) to Intersuisse Holdings Pty Ltd (“Intersuisse”). Intersuisse is 46% owned by Phillip Brokerage Pte Ltd, a part of the Phillip Group of companies (“Phillip”) based in Singapore. The transaction is due to complete in mid-March 2012.
The combined Intersuisse / ASL business will be a diversified investment management and financial services group comprising Securities, Corporate Finance and Asset Management businesses. The group will have national presence with offices in Melbourne, Sydney, Perth, Adelaide and the Gold Coast. The combined business will be lead by Mr Paul Masi, who will depart his position as Austock Group Ltd (“AGL”) Managing Director / CEO to take up the new post.
Phillip is a Singaporean-based capital markets and financial services organisation offering a broad range of services to retail, corporate and institutional customers. These include advisory services to funds managers, hedge funds and unit trusts, insurance planning, investment research, and broking in bonds, securities, futures, foreign exchange, precious metals and commodities.
Following the sale of ASL, AGL will become a focused funds manager with two core businesses; Austock Property, led by Mr Nick Anagnostou, and Austock Life, led by Mr Ross Higgins. AGL will remain a publicly listed company. Upon completion of the sale of ASL and following restructuring initiatives undertaken over the past two years, AGL will be completely debt free and poised to pursue strategic opportunities in the funds management sector.
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