Sydney, Jan 22, 2008 (ABN Newswire) - Grove Research and Advisory has sold a 50% stake in its business to Western Financial and appointed former SAI Global boss Ross Wraight as Executive Chairman.

Grove, an institutional investment research and advisory firm that provides impartial investment advice, covering both managed funds and direct securities, to wholesale investors, is now 50% owned by Western Financial and 50% by Apostle Financial Group.

The news comes following the recent management buyout of associated company Apostle Asset Management Limited by its Managing Director, Karyn West, Mark Carnegie, John Wiley and other investors.

On the deal the CEO of Western Financial Mr John McNally said: "We are delighted to have this association with Grove and look forward to the value it can bring to our clients and members. Grove has impressed me with the quality and independent nature of its research and advice, particularly in the current market volatility".

"We have been searching for a strategic partner in this space for some time but have found it difficult to find a business that could offer truly independent advice. It is this independence that we will ensure continues unchanged," said McNally.

"Grove provides Western Financial with a high end research and advisory capacity that is currently assisting numerous WA Councils together with numerous other clients in the eastern states. We look forward to expanding the services in WA and nationally."

According to Mr Wraight: "Grove has a great track record over the past 16 years of providing excellent advice and being a strong advocate for investor interests."

"Our team has done an outstanding job of developing cutting edge research capability and a online administration platform. We are well positioned for future growth and we expect to make further acquisitions."

Western Financial is the business arm of The WA Local Government Superannuation Plan a leading industry fund that provides superannuation and retirement solutions to local government and private sector employers and employees. It manages in excess of $1.4 billion on behalf of over 31,000 members. www.walgsp.com.au

Apostle Asset Management Ltd (formerly IXIS Asset Management Australia Ltd) specializes in boutique and niche products and services such as hedge funds, global credit products, global value equities and global growth equities.

Mr Wraight led the growth and transformation of a number of organizations including SAI Global (ASX: SAI), Advance Bank, Elders Finance Group, Cashcard and NSW Health.