Australia's oldest stockbroking firm is changing name to Tolhurst Limited as part of a strategy to break into the diversified financial services and wealth management market.
Stockbroking will remain a key part of the new business but the group needs to build upon the July launch of its self managed accounts offering, according to Tolhurst head of wealth management John Harte.
"Stockbroking is still a very important part of the business, but we are broadening our offering to encompass a client's full needs," Harte said.
The relaunching of the brand is the culmination of a strategy implemented in July 2005 by the then incoming executive chairman David Browne.
"The core elements of this strategy are building our intellectual property through the expansion of our in-house research capabilities, building our investment banking expertise and building our annuity-based revenue streams through the growth of our wealth management and investment banking divisions," Browne said.
The strategy also includes opening regional offices, with the Gold Coast, Gladstone, Cairns and the Sunshine Coast added in the last 12 months.
Tolhurst last week reported a 53 per cent increase in net profit for the six months to 31 December 2006, to $3 million. Revenue increased 48 per cent to $29.6 million.
The current Tolhurst Noall Group was formed in December 2001 from the merger of D&D Tolhurst and the William Noall Group.
