Sydney — 11 November 2025

 MST Financial (“MST”) today announced it has completed the acquisition and integration of the FIIG Asset Management business from Australian Investment Exchange Limited (AUSIEX), marking a major step in MST’s strategy to build Australia’s leading independent income platform across, fixed income, credit and hybrids.

The acquisition included FIIG’s Fixed Income Managed Funds (Unit Trusts) and Individually Managed Account (IMA) portfolio management service, along with the Investment Management Team, which has built a strong performance record over the past decade. MST successfully novated nearly 100% of FUM, including key large-volume IMA investors, maintaining investment performance and client servicing through the transition period. MST’s combined FUM and FUA now exceeds $700 million, consisting of the Unit Trusts, IMA and existing MST Sandstone Income SMA’s.

The investment team, comprising Kieran Quaine (Head of Investment Management), Megan Romeo (Head of IMAs), and Garreth Innes (Head of Unit Trusts) will now work within MST’s Income Division, founded by Cameron Duncan and Steve Anagnos, further enhancing MST’s active management capability across OTC hybrids, subordinated credit, and listed income securities.

In line with MST’s commitment to the income space, Andrew Tracy has joined the MST Income Division as Head of Distribution. With a distinguished 30-year tenure at JBWere, culminating as Head of Discretionary and Managed Accounts, Andrew brings significant expertise in managed accounts, dealer groups, adviser platforms, and discretionary portfolio solutions to the MST Income Team.

As Australia transitions away from listed bank hybrids toward institutional and OTC issuance, MST is positioning itself to lead the next phase of income-market development. The firm will leverage the combined expertise of its hybrid, credit, and research teams to support advisers and investors through this evolution — anchored by the MST Hybrid Transition Strategy, designed to help market participants progressively shift from ASX-listed hybrid exposure into diversified, liquid, institutional-grade income portfolios.

Gerard Satur, Chief Executive Officer of MST Financial, said: “This acquisition significantly strengthens our fixed-income and credit capabilities. By combining institutional credit expertise with MST’s hybrid leadership, we can deliver a truly comprehensive income platform for advisers and investors as markets evolve. MST will continue to focus solely on income, credit, and structured strategies within its asset management division.”

Patrick Salis, Chief Executive Officer of AUSIEX, added: “We are delighted to see FIIG Asset Management join MST, ensuring continuity of service to existing FIIG clients. This transaction furthers a strong strategic partnership between AUSIEX as a leading listed and OTC bond execution platform and MST’s specialist income management capability. Together, we are improving market access for advisers and investors in Australia’s OTC fixed-income ecosystem.”

The expansion of the MST Income division marks an important next chapter for MST Financial. The strengthened fixed-income capability will underpin the continued development of credit and income-focused portfolios, managed account solutions, and investment products and strategies designed to meet the evolving income needs of Australian investors, financial advisers and platforms.

Further Information
Andrew Tracy – Head of Distribution, MST Income
E: [email protected]
T: +61 402 062 144