The parent company of Professional Investment Services (PIS) has undergone a series of internal changes that will separate its dealer group and its group product and platform offerings.
The move is part of the group's push to manage any potential conflicts between product and advice ahead of its planned merger with listed firm Centrepoint Alliance Limited.
The planned restructure will also involve role changes and some redundancies following an internal review of operating expenses.
"This will reduce the potential conflict that existed with having the separate business entities reporting within the licensee. As these entities have substantial external shareholdings and stakeholders, strategically they need to be managed separately," PIH group managing director Grahame Evans said.
Under the changes, the Associated Advisory Practices and Australian Loan Company businesses will now report to PIH.
PIH announced the first step of its restructure process earlier this year with the appointment of David Johnstone as chief executive officer of PIS.
All changes are expected to be finalised by Friday, 1 October 2010.
