Austock Group (Austock) has completed the restructure of its business divisions with the move saving the firm about $7 million.
The listed financial services group announced in January this year that it would restructure its property and asset management divisions.
"When we lodged our results in August we stated that we were looking for $5 million in annualised cost savings. To date we have implemented around $7 million in cost savings," Austock managing director Tim Boyle said.
Austock intends to continue its cost savings methods, particularly in light of the financial climate, Boyle said.
"We continue to review non-core investments. We have sold our stake in APX and are examining exit strategies for Austock Agribusiness," he said.
As well as cost savings, Austock's staffing numbers also took a cut with the group's headcount dipping by more than 20 per cent since its peak at the end of 2007.
Last month, three key staff departed the group's asset management division.
Austock Asset Management investment manager Stuart Larke, equity analyst Wesley Nation and investment manager Adam Scully all accepted redundancies from the organisation.
However, despite staff departures and market pressures, the firm remains well capitalised, Boyle said.
"Taking into account the current environment, which we believe will not show signs of improvement until 2009, Austock will look to achieve greater scale and preserve our strong cash position," he said.
