The newly elected board of OverFifty Group (OFG) has moved to distance itself from its predecessors after throwing out the company's review alliance with Macquarie Group.
The relationship between the listed fund manager and its strategic review partner Macquarie Bank has been severed.
It is understood the strategic review was undertaken in preparation to sell all or part of OFG.
OFG's board of directors, lead by newly appointed chief executive John McBain, are undertaking a review of all group activities.
The review is to identify and focus resources on major profit centres and promote more efficiencies and profitability.
Late last week OFG recorded funds under management and administration of $1.776 billion as at 1 December 2007.
The group's net profit after tax (NPAT) for the six months to 31 December 2007 was $3.5 million after one-off expenses and non-recurring specific provisions totalling $2.45 million.
NPAT was $3 million for the six months to 31 June 2006.
McBain, a 12 per cent stake owner in the group was previously a director of OFG, until Chris Martin resigned as chief executive earlier this month.
The promotion of McBain to fill Martin's shoes comes less than six months after McBain sought legal action against OFG.
McBain had claimed the board denied him access to documents released by the company's appointed strategic review adviser, Macquarie.
He also believed the strategic review was a ploy to fast track the sale of the business rather than confront its financial difficulties.
In response to his litigation, the OFG board said it had lost all confidence in him.
A week later OFG shareholders voted for the removal of four directors, including company chairman Murray Chessell.
