Austock Asset Management (AAM) co-head of Australian equities Dennis Tighe has parted ways with the group following a failure to reach agreement on how the business should be restructured.

"We were having ongoing discussions but reached an impasse on how to structure the group going forward and mutually agreed that Dennis should move on," Austock Group general manager Tim Boyle.

"We are open to a variety of structures but it has to be on an earned out basis, as on an earned out basis people do earn out more equity in the business on results delivered."

The move follows a number of high profile departures from AAM in the last year with former managing director Sam Rist leaving the industry in January, while head of institutional distribution Michael Negline departed in 2006 to join RCM as country head.

A search is on for an equities analyst based in Melbourne to join the team. According to a note sent out to researchers yesterday, Austock believes that having the Australian equities team based in Melbourne will consolidate the team's research focus in one location and having one portfolio manager and an additional analyst will increase the team's stock research ability as well as increasing accountability.

Tighe joined AAM in January 2004 and has more than 30 years' experience in the markets, including spells at Dresdner RCM and Bankers Trust Australia. 

Silvio Gasparet will continue in his role as head of Australian equities, while Doyle Mallett, portfolio manager of the Austock high yield fund based in Sydney, will oversee macroeconomic input.