Stockbroking firm Findlay Securities will undergo a major overhaul with plans to venture into funds management and financial planning, the firm's new executive chairman has said.
"I've been in lots of meetings talking to external parties already. I think people generally know what the strategy is to get it [Findlay] far bigger than it is today," Findlay executive chairman Otto Buttula said.
"[We are] looking at all the strategic options, which could mean a lot of things. I'm pretty well-rounded in funds management, financial services and financial planning. You look at all those areas because I think all of them are struggling."
He would not reveal any further details of the groups he was in talks with, however, he said a possible benchmark for the group would be to grow to more than $100 million.
"Anything on the Australian stock market that is sub-$75 million should be privatised and shouldn't actually be listed. So obviously the viewpoint here is that the market cap on Findlay is $6 million to $8 million, and if strategically we can't grow that to plus $100 million then it shouldn't be listed really," he said.
As well as changing the firm's direction, the former IWL chief executive is also planning to strengthen the Findlay team with a recruitment drive.
"It is about bringing more people in, different people with different skill sets. Right at the moment it is an undermanaged traditional boutique broking house, which as a model I think is challenged going forward anyway," he said.
