Austock Securities cuts jobs due to downturn in financial markets.
Austock Securities has cut staff numbers after the company's performance suffered from the downturn in financial markets.
A company spokesperson declined to say how many people were made redundant, but she confirmed that head of private clients Scott Young was among those who left the firm last week.
Young initially joined Austock Group, the ASX-listed parent company of Austock Securities, in December last year as director of marketing and distribution.
Not long after his appointment he was asked to also take on the role of head of private clients in order to grow this part of the company.
Young was with Macquarie prior to joining Austock, where he worked as division director of professional and business banking and head of margin lending.
The redundancies are part of a company-wide restructuring at Austock Group that also involved its asset management and property businesses.
As part of the restructuring, Austock Securities has closed its Brisbane office and ended a joint venture agreement in the UK earlier this year.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
Colonial switches managers »
Wealth management group Colonial First State has terminated Pengana and GMO from its FirstChoice platform.
Funds sell hotel to Malaysian firm »
Malaysian-listed company TA Enterprise Bhd has bought the Westin Melbourne Hotel for $160 million from a group of industry funds.
