Lonsec has sold its stockbroking business to Australian financial services provider FinClear, as the research house looks to expand its investment and superannuation services.
In a statement yesterday, Lonsec said it will be "business as usual" for the firm's existing stockbroking clients, with Sydney and Melbourne staff remaining unchanged.
"Importantly, no additional data or re-signing of documents will be required from clients," Lonsec said.
"Under FinClear’s ownership, the stockbroking business will continue to provide clients with exclusive access to Lonsec’s direct equity model portfolios."
Lonsec chief executive Amanda Gillespie said, “[Clients] will benefit from access to Lonsec’s proven model portfolio and research capabilities, while also knowing that they have the support of a locally owned and independent wholesale broking service through FinClear."
FinClear chief executive David Ferrall said, "We believe that Lonsec Stockbroking is the only independent, non-conflicted, wholesale broking services business in Australia and we are excited to be building out increased services for financial intermediaries in execution, clearing and settlement of ASX and Chi-X listed equity and derivative transactions.
"In particular, we see a significant opportunity to support the growing trend of new wealth advisory firms being established by previous employees of large financial institutions."
Meanwhile Lonsec has intensified its commitment to innovate and expand its investment and superannuation research services, with a core focus of enabling better investment outcomes for its intermediary clients – financial advisers, superannuation funds and fund managers, the statement said.
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