Wilson HTM has undergone a restructure of its business, resulting in the resignation of its managing director and termination of its current corporate finance agreement with Deutsche Bank.
The listed financial services company has appointed David Groth as its new chief executive, following the resignation of the firm's managing director Garry Lowrey.
"This restructure is in response to the growing diversity of WIG [Wilson] from a stockbroker to an investment group with substantial new initiatives in funds management, wealth management and products," Wilson executive chairman Steven Wilson said.
"Our core business of Wilson HTM (pre Next Financial) reported pre-tax profit of $10.4 million, up 65 per cent for the half year, and remains the backbone of our business.
"It has changed by broadening its service offerings, including Next Financial, but it continues with our key value of delivering client outperformance."
The restructure has also prompted the firm to replace its existing corporate finance service agreement with Deutsche, proposing a new agreement in which Deutsche will no longer receive a fee for corporate finance services provided by Wilson.
Under the proposed terms of the new arrangement, Wilson will pay Deutsche a fee of almost $15 million.
The fee payment will be paid in parts - $5 million within three business dates of the date of execution of documents, $3.3 million on 31 December 2010, and $6.6 million on 31 December 2011.
The transaction is conditional on final documentaion and approval from Wilson shareholders.
Groth has been with the firm since 1994, more recently as head of corporate finance within the capital markets business.
Lowery resigned from the firm following an 11-year career with the firm, including four years as managing director.
He will remain with the firm to assist with the transition.
