Financial services firm Viento Group (Viento) has been forced to make staff cuts as a result of closing of its alternative asset business.
The listed company informed the market yesterday it had secured shareholder approval to close the business division.
As part of the closure, Viento has shut its Brisbane office with all staff made redundant.
It is expected that Viento managing director and former Suncorp executive Maurice Kluger will resign as a director of the firm and as a responsible officer under the Australian Financial Services licence.
Viento intends to shift its focus on the property funds management business, with the firm set to re-open its Viento Diversified Property Fund in the next financial year, the firm said.
“Staffing has been reduced to 12 full time staff focusing on the property management, management of the various funds and providing support and service to our planning groups and investors. Compliance is being managed under contract to a former senior officer from ASIC,” a statement from Viento said.
“We are satisfied that we have achieved our objective in protecting the business and are now looking to the future. With every challenge we see opportunity for us to grow the business. We see this being achieved through a strategy of being part of the consolidation in property management and purchasing property at attractive yields for our fund.”
In line with its new focus on property funds management, Viento plans to add to its existing team.
Viento was established in March 2007 by former Suncorp general manager Maurice Kluge, along with three former Suncorp investment professionals.
In July 2007 Viento (formerly known as WRF Securities) took a 50 per cent stake in Kluge’s business.
