Austbrokers has bought into Victorian brokerage Fergusons, and Lach McKeough, the cluster group’s CEO, says continued expansion in Victoria is on the agenda. “This acquisition is indicative of Austbrokers’ strategy to enhance its presence in the Victorian market.”

For Fergusons, the partnership with Austbrokers will help the company deal with new regulatory regimes and licensing processes under the FSRA. “In this changing industry it is becoming more evident that brokers need to involve themselves in all financial services products,” Fergusons executive Alan Saunders said. Founder and CEO Noel Ferguson will retire and will hand over management of the rebranded Fergusons Financial Services to Mr Saunders and fellow shareholder Alan Marsden.