Austock Group will rebrand its new acquisition, Minc Wealth Management, as part of the company's push into the separately managed account (SMA) sector.
The listed financial services group informed the Australian Securities Exchange yesterday of its purchase of the SMA business and the decision to rebrand it as Austock Capital Management (ACM).
ACM is a boutique funds management firm operating in the SMA space, with funds under advice exceeding $50 million.
Under the terms of the purchase, Minc principals and portfolio investment managers Ben Hughes and John Aldersley will continue to manage the business.
"The entry of Austock into the SMA market significantly broadens our client offering, with a suite of model portfolios now available to investors," Austock managing director Paul Masi said.
"Ben Hughes and John Aldersley are well known in the funds management and SMA space and their joining Austock provides greater opportunities to our client base."
As well as its investment in Minc, Austock has recruited new private client advisers and expanded the business nationally.
The firm had added 13 new private client advisers, all established advisers with existing client bases, the company said.
Austock has also opened new offices in Adelaide, Perth and the Gold Coast, adding to its existing presence in Melbourne and Sydney.
"Austock's expansion nationally demonstrates our commitment to the growth of the private wealth business. We are excited about the opportunities that this investment will bring to the group," Masi said.
