03/06/2014 - 12:23

Euroz plans new funds management business

03/06/2014 - 12:23

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Perth-based stockbroker Euroz has appointed former MLC chief executive Steve Tucker to head up a new funds management subsidiary as the company eyes opportunities in the listed investment company sector.

Euroz plans new funds management business
Westoz Investment Management executive chairman Steve Tucker.

Perth-based stockbroker Euroz has appointed former MLC chief executive Steve Tucker to head up a new funds management subsidiary as the company eyes opportunities in the listed investment company sector.

Euroz today revealed plans to form a new business, Westoz Investment Management, with Mr Tucker serving as its executive chairman.

Mr Tucker will take a 20 per cent stake in the new funds management business, with Euroz holding the remaining 80 per cent stake.

Euroz will also continue with its existing wholly-owned funds management subsidiary, Westoz Funds Management.

In addition to his executive chair role at Westoz Investment Management, Mr Tucker will be appointed non-executive director at Westoz Funds Management.

He will also join the board of listed investment companies Westoz Investment Company (WIC) and Ozgrowth (OZG).

Westoz Funds Management manages about $280 million on behalf of WIC and OZG.

The new funds management business marks the latest growth plan for Euroz, which last month bought listed rival Blackswan Equities in an all-scrip deal worth about $6.7 million.

Mr Tucker served nine years as chief executive at MLC, which is owned by National Australia Bank, and also previously led the company's retail investment and advice businesses.

He will be based in Sydney in his new role with Euroz as part of a deliberate strategy to attract east-coast investors.

Euroz chairman Andrew McKenzie said the company believed it was the right time to expand its funds management capacity.

"We are fortunate to have attracted someone with Mr Tucker’s industry knowledge and experience to help drive this exciting growth opportunity," he said.

“The Westoz brand is now well recognised, our investment performance has been excellent through some challenging markets and we are exploring the expansion of our product set to provide greater opportunities for access to the wider investment and financial planning community.”

Mr Tucker said he expected the listed investment company sector to "go from strength to strength", with the federal government's Future of Financial Advice reforms increasing the attractiveness of such structures.

"Westoz has built an impressive base of performance over a number of years now and I believe there is great scope to broaden its appeal to the wider investment market," he said.

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