Australian research house Lonsec Fiscal has sold its stockbroking unit to financial services firm FinClear to innovate and expand its investment and superannuation research services.
The business will be as usual for Lonsec's existing customers. Melbourne and Sydney team will continue to provide investment advice, portfolio review and execution services.
The stockbroking arm will continue to offer customers with exclusive access to Lonsec's direct equity model portfolios, and ASX200 equity research service.
Lonsec CEO 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 CEO David Ferrall said: “We believe that Lonsec Stockbroking is the only independent, non- conflicted, wholesale broking services business in Australia and we are excited to be building out increased services for financial intermediaries in execution, clearing and settlement of ASX and Chi-X listed equity and derivative transactions.
“In particular, we see a significant opportunity to support the growing trend of new wealth advisory firms being established by previous employees of large financial institutions.”