Zurich sells Lonsec to Financial Research Holdings
Financial Research Holdings and Zurich today announced the sale of Zurich subsidiary Lonsec Limited, a leading research and stock broking business, to Financial Research Holdings.
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A spokesman for Financial Research Holdings, Mr Mark Carnegie, said, “Lonsec is the leading brand in the investment research sector. This acquisition represents the first part of a growth strategy to build Australia’s pre-eminent financial services research and execution firm.”
Managing Director of Financial Research Holdings, Mr Jason Clarke, expects little change for clients and staff of Lonsec. “Lonsec has a number of excellent strategies awaiting implementation. So, whilst we hope to enhance services for clients over time, we expect little interruption to the business during the transition period.”
Commented Zurich Life & Investments Australia Chief Executive Mr Colin Morgan, “Zurich’s strategy is to clearly focus on its core business lines to provide financial advisers with innovative, market leading solutions.
“The sale of Lonsec, a non-core asset, reflects Zurich’s focus and adherence to the strategy which has seen our business grow faster than the market over the last two years.”
Mr Morgan added, “Zurich’s considerable investment in its Australian life insurance and investments business in recent years is designed to drive the continued growth of that business.
“Zurich remains firmly committed to being the preferred partner to financial advisers around Australia.”
Lonsec is consistently rated by the financial services industry as the top research and rating organisation, as well as having a specialist stockbroking business aimed, primarily, at financial advisers.
