Cashwerkz chief steps down, trustee business to be spun off

The chief executive of Cashwerkz is stepping down from the top job. At the same time, Trustees Australian will be spun out with the view to potentially listing the business as a separate entity.

In a statement this morning, Cashwerkz said Hector Ortiz will step down as chief executive and move into a head of sales role.

"The Cashwerkz business is undergoing enormous change and we are on the right path to an exciting growth trajectory. To remain focused on building new business and partnerships and extend on the great work we have achieved, I will be moving across to lead sales for all segments including significant, identified, international market opportunities."

Part of that change includes a plan to demerge Trustees Australia and potentially list the business on the ASX in 2020.

Trustees Australia only changed its name to Cashwerkz in May this year.

Current Cashwerkz chair Michael Hackett will take on the role of executive chairman of Trustees Australia.

The trustee business is currently a fully owned subsidiary of Cashwerkz.

Hackett will remain a non-executive member of the Cashwerkz board.

Hackett responded to Financial Standard enquiry about the timing of the de-merger, saying: "The post-Hayne Report regulatory recommendations from the Federal Government has both escalated reforms in the managed funds and superannuation sectors and our timeline to leverage the benefits of the Trustees Australia RE licence.

"In FY18 we floated the idea of investigating the opportunities this highly sought after licence offers for Trustees Australia and now with this impetus have progressed to a due diligence phase with key industry partners. We believe we have a viable and highly attractive independent business model with Trustees Australia and REs and RSEs will be looking for this independent service provision."

Read more: Trustees AustraliaTrustees AustralianASXCurrent CashwerkzHector OrtizMichael Hackett
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