Grove Financial Services and Counterpoint Group will merge to form a new investment consultancy company with 20 staff, 130 clients and $11 billion in funds under advice.
The company will have offices in Sydney and Perth and is looking to expand its international client base in New Zealand, Europe and the Middle East, through organic growth.
"This is a true merger, with the staff from both groups being integrated from the first day of the operation," Counterpoint director John Parrish said.
The new firm will provide investment consultancy and research services to superannuation funds, dealer groups and so-called mezzanine institutional clients - organisations with total assets of $50 - $200 million.
Staff will own 40 per cent in the new business, while Western Financial, a wholly-owned subsidiary of WA Super Fund in Perth, will hold an interest of 30 per cent. The remaining shares are owned by private investors.
A new name for the company has not been finalised yet. "We are still checking trademarks, but it is likely to be CPG Research and Advisory," Grove managing director Simon Ibbetson said.
Ibbetson will lead the merged organisation supported by a leadership team consisting of Parrish, Peter Williamson, Philip Chow and Brett Westbrook. Former Standards Australia and SAI Global chief executive Ross Wraight has been appointed as chairman of the group.
