The January 2012 merger between Singapore's Phillip Brokerage and Australia's Austock Securities has given rise to a new wealth management and stockbroking firm in Australia.

Octa Phillip Financial Group was launched this week to provide wealth management, institutional and private client stockbroking, corporate finance and funds management services to clients in Melbourne, Sydney, Perth, Adelaide and the Gold Coast. It is led by Paul Masi, previously the chief executive of Austock, as CEO.

Austock was acquired earlier this year by Phillip Brokerage, part of the Singapore-based fund manager Phillip Group. Phillip has offices in 12 countries, mostly in Asia.