Listed funds manager Wilson HTM Investment Group (WIG) is set to spin off its private wealth unit in a $5m deal.
Under the deal, WIG will transfer its shareholdings in the subsidiaries including its securities business to a new corporate vehicle dubbed as Wilson HTM Securities and Advisory.
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Forty percent of Wilson HTM Securities and Advisory will be owned by staff, with Craigs Investment Partners owning another 40%, and Deutsche Bank owning 20%.
WIG will secure cash consideration of $3m from Craigs and Deutsche Bank, while $2m will come from staff including $1m in vendor finance.
The new division will deliver advice on institutional investments to funds managers, corporate advice to small to mid-size companies, as well as advice to wealthy investors.
It will be headed by Brad Gale as CEO, and overseen by a board including employees, Craigs and Deutsche Bank.
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By GlobalDataWIG managing director Sandy Grant said, "Consistent with the interests of its stakeholders, WIG has worked hard to enable its staff to own and manage the Securities business in a supported environment and so that clientswill continue to benefit from the service provided. Craigs and DB will bring strong support both from a platform and content basis which will bring further opportunities over time.
The deal is completed by the current financial year, subject to shareholder and regulatory approval.
Following the acquisition, the group aims to primarily focus on its funds management businesses, Pinnacle Investment Management and the Priority Funds.
