Professional Investment Services (PIS) may turn its focus to the Singapore and Malaysian advice markets after senior executives of its Hong Kong team entered into buyout discussions with the dealer group's parent company.
PIS managing director Grahame Evans said the management team of HFS Asset Management approached Professional Investment Holdings (PIH) about taking over the running of the business through a management buyout.
Evans said no decision has been made but if the buyout was successful PIH would not maintain a presence in the region.
"They would take over the business and we'd focus on the Singapore and Malaysian businesses," he said.
"We do have a holding company up there but at this stage it wouldn't be our intention to move back into it."
In 2008, PIS purchased HFS Asset Management for an undisclosed sum.
Meanwhile, Evans said the dealer group's Australian operation is processing well with its enforceable undertaking (EU) agreement with ASIC.
"The process with the EU is now progressing along quite well. It's moving along as part of the business," he said.
PIS entered into an EU with ASIC late last year following concerns over the firm's compliance with industry laws.
The dealer group anticipates the EU will take 12 months to implement.
