Netwealth joint managing director Michael Heine told InvestorDaily that his brother, Leslie Heine, will seek a gradual reduction of his current 33 per cent equity shareholding for “estate planning purposes”.
“In order to achieve this, the Netwealth board continues to consider a range of alternatives although there is no urgency to make any decisions,” Michael Heine said.
Mr Heine declined to confirm or deny industry speculation that a Netwealth IPO may be imminent, but said he is confident that the company will remain in family hands.
“My son Matt and I are totally committed to maintaining a majority and controlling interest and management of Netwealth for the long-term,” Michael Heine said.
“Whatever the timing or outcome, we are very confident that the Heine family will continue to be the majority owners and senior management of Netwealth.”
Michael and Leslie Heine jointly ran Melbourne-based funds management business Heine Management before selling to Mercantile Mutual for a reported $115 million in 1999.
Netwealth has fintech, superannuation and financial advice subsidiaries and was a finalist in a number of categories at the Fintech Business Awards 2017.
Correction: A previous version of this article mistakenly referred to Leslie Heine as a director of Netwealth. Leslie Heine is an investor in the business, not a director.
AMP announces interim CEO
CFSGAM to appoint John Mulcahy as chairman
Former ASIC lawyer joins Baker McKenzie
Emerging markets: You won't find this at home
Can ESG enhance long-term performance?
Spaceship hits turbulence