Two directors have resigned from the board of Everest Financial Group as the firm scales back its business.
Both Kerry Roxburgh and Michael Katz resigned from the company board, effective 21 May 2009.
"This is in keeping with the reduced scale of the business following the decrease in assets under management (AUM) and slowing potential growth in the current market," a company statement said.
In its 2008 full year earnings report, AUM for the firm was $1.8 billion as at 31 December 2008 compared with $3 billion as at 31 December 2007.
The firm is currently in negotiations with HSBC. HSBC is looking to secure an estimated $100 million of assets from two of Everest's unlisted funds.
