First Capital has changed its name to fit under the global umbrella of its major shareholder.
Listed financial services business First Capital Group (First Capital) has undergone a rebrand with the group adopting a similar name to that of its major shareholder.
The Queensland-based business has changed its name to Rockstead Financial Services (RFS). The move brings the group under the global brand of Singapore-based Rockstead Capital Private.
As a result of the change, First Capital's listing on the Australian Securities Exchange (ASX) ceased as of January 3, with the newly renamed RSF trading in its place.
Former First Capital acting managing director Tom Wallace has taken the helm of RFS.
"The company has emerged from 2007 having successfully resolved several challenging legacy issues," Wallace said.
"With Rockstead Capital's involvement and support we are now reinvigorating the company and focused on increasing our funds under management."
Earlier this month Wallace announced two funds managed by Rockstead Capital RS Asset Management Private and Rockstead Venture had converted $3 million secured redeemable convertible notes into fully paid ordinary shares in RKS.
"We are now working with Rockstead Singapore to assess and develop appropriate investment vehicles offering Australian investors direct exposure to quality assets in China," he said.
"We believe Rockstead Singapore's philosophy of actively managing the underlying asset, and not just taking a fund of funds type role, will be particularly attractive for Australian investors."
In October last year, First Capital announced it had received an offer from a group of investors to recapitalise the company last month. In the same month First Capital recorded a net loss of nearly $13 million for the 2006/07 year.
Rockstead is a boutique investment and advisory firm with offices in Asia, Europe and North America.
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