Indian Ocean to expand to east coast

Boutique financial advisory firm Indian Ocean Capital is set to expand to the east coast and double staff levels as it forecasts a market recovery later this year.

Founder and director Gary Castledine said the company was making a pre-emptive move to ensure it had the strongest team of advisors in place for when market confidence returns.

"Its our view is that things will start to improve towards the end of 2009, at which time we will have some of the best in the business on board to make the most of the upturn in investment opportunities," he said.

The firm, established in 2006, currently has 14 advisors at its WA office and plans to lift this to at least 21.

In addition, Indian Ocean will establish an office in Sydney in the coming months with an initial team of six to 10 advisors.

The decision to expand to the east coast follows a strategic review of the firm's operations and an assessment of current market opportunities.

"The current economic downturn and the large number of mergers, acquisitions and closures of Australian advisory firms has created significant uncertainty in the sector which we intend to use to capitalise on," Mr Castledine said.