UPDATE 2.30pm: Former MLC boss Steve Tucker will head up a new subsidiary of listed Perth broker Euroz as it expands its presence in the funds management business.
Westoz Investment Management will be 80 per cent owned by Euroz and 20 per cent owned by Mr Tucker who will also assume the role of executive chairman.
He will also join the board of Euroz's existing funds management business Westoz Funds Management, which includes two listed entities Ozgrowth Limited and Westoz Investment Company Limited.
Mr Tucker was chief executive of funds manager MLC for nine year between 2004 and 2013.
Euroz executive chairman and managing director Andrew McKenzie said the company believed the time was right to expand its funds management capability, which had been in place for nine years.
Mr Tucker said Westoz had built an impressive base and he believed there was scope to broaden its appeal to the wider investment market.
"The listed investment company sector is in great demand at present with significant amounts of capital raised over the past 18 months," he said.
"I expected the sector will continue to go from strength to strength as Future of Financial Advice (FOFA) reforms have significantly increased the attractiveness of LIC structures."
Last month, Euroz announced it would buyout rival Blackswan Equities in an all-scrip deal worth $6.7 million.
Euroz shares closed up 2.5 cents, or 1.94 per cent, at $1.315 after hitting an earlier high of $1.35.