Ferrier Hodgson, the corporate recovery and restructuring firm, has assigned receivers and managers for Australian wealth firm Moneywise Wealth Management after the latter went into receivership in January. 

Effective immediately, Ferrier Hodgson representatives Brendan Richards and Morgan Kelly will be responsible for the managing all of Moneywise's property, including its clients. Customers were previously serviced by the company under a licence agreement with AON Hewitt Financial Advice, but this has been terminated and AON now takes full responsibility for Moneywise clients.

The development also means that the authorised representative status of Moneywise Wealth Management and David McNeice, its head, have ceased.

The Wollongong-based financial planning firm was placed into receivership in 1 January after defaulting on its banking facilities with National Australia Bank. Moneywise has around 700 clients in Australia.