Newly-listed financial services firm Austock Group is in the final stages of signing a number of acquisitions.
The company said it will announce the deals in the coming weeks.
“Strategically we’re looking for partners to help us grow internationally and also give us a balance sheet that we can leverage off,” Austock managing director Tim Boyle said.
“In terms of acquisitions we are looking for opportunities that have a lot of intellectual property behind it.”
News of the acquisitions comes as Austock records a consolidated net profit after tax of $8.8 million for December 31, 2007.
The company’s funds under management stands at more than $1.3 billion.
It listed on the Australian Securities Exchange on December 11, 2007.
Austock is also planning to expand its product menu, with the company set to roll out a wholesale agricultural fund by the end of March.
“Australia is very well placed on the agricultural scene and we’ve managed to accumulate some very strong intellectual property on the agriculture side over the years. We find that there is a strong pull, particularly from Asia to invest in agriculture in Australia,” Boyle said.
“We’ll be building up our staff particularly in the agriculture centre, and initially putting together some wholesale funds.”
Austock replaced head of group distribution Steve James with former Macquarie staffer Scott Young.
James announced his departure earlier this month to join broking service Commsec as head of wholesale sales.
