The once-prominent independent asset consultancy Evergreen Consultants, co-founded by Angela Ashton in 2016, is now facing severe internal disruption. The firm, which built its reputation on bespoke investment advice for financial advisers, is reportedly in turmoil, struggling with a mass staff exodus, major client departures, and an uncertain future as Ashton seeks to offload her controlling stake.
Table of Contents
Angela Ashton’s Controlling Stake on the Market — But at What Cost?
As reported in The Australian Financial Review, Ashton has been approached by several parties keen to acquire her 53% controlling interest in the business — a stake that effectively determines the direction of the firm. However, no deal has been struck, as sources reveal Ashton’s insistence on remaining closely involved in the business post-sale has stalled negotiations.
Her dominant equity position — confirmed in ASIC filings — gives her a majority of Evergreen’s Class A shares, making her an indispensable figure in any deal. But this very influence, paired with deteriorating internal conditions, has become a deterrent rather than a drawcard.
Staff Departures Have Gutted Evergreen’s Core
Over the past few years, Evergreen Consultants has hemorrhaged talent, including analysts, directors, and even its co-founder — an alarming signal for any business built on intellectual capital and relationships. Key departures include Kenneth Chan, Oliver Holt, Mitchel Healey, Charlie Silvester, Hamish Bell, Rafio K, Michel Ohlsson, Shamir Popat, David Cohen, Don Gunawan, Jake Enasio, Carson Drummond, Michiel Swaak, Eilidh Claderwood, Alexander Myers, Michael Wist, Michael Houlihan, Jessica Scott, and notably, co-founder Brett Baker.
This mass attrition has deeply damaged the firm’s institutional continuity. Industry sources suggest that these exits are more than routine turnover — they reflect cultural and strategic dysfunction within Evergreen’s leadership.
Client Flight and Operational Cuts Undermine Viability
The impact hasn’t stopped with staff. Many of Evergreen’s core clients have walked away, reportedly disillusioned by the churn in personnel, the instability of portfolio management, and a perceived lack of consistency in advice. These client losses have significantly weakened Evergreen’s revenue base and brand reputation.
In response to these pressures, the company has quietly cut staff and reduced operations, all while continuing to position itself as a premium investment consultancy. Behind the scenes, however, Evergreen appears to be shrinking rather than growing — a major red flag in a market that’s otherwise seeing consolidation and scale plays.
Ratings Services Raise Conflict of Interest Questions
Adding to the scrutiny, Evergreen Consultants has also been offering ratings services to fund managers, effectively taking fees from the same product issuers it may recommend or rate favourably. This dual role raises serious questions around conflicts of interest — a concern that is increasingly in the sights of regulators as financial services transparency comes under greater scrutiny.
For a firm that pitches itself as independent and research-driven, being paid by fund managers it evaluates undermines trust and further clouds the firm’s credibility in the eyes of professional advisers and institutional allocators.
A Business in Decline, a Legacy at Risk
Angela Ashton’s career has long been associated with credibility and professionalism, with past senior roles at QIC, Lonsec, and van Eyk Research. But as the firm she co-founded struggles, so too does her legacy. Her apparent unwillingness to let go of operational control while attempting to sell her stake is being interpreted as a lack of confidence in the future of the business — or worse, a move to exit while there’s still something left to sell.
In contrast, competitors in the space are thriving. Lonsec has ballooned to $9 billion in funds under management after acquiring Implemented Portfolios. Five V’s backing of Zenith and Scarcity Partners’ investment in Evidentia Group highlight a trend of high-quality deals in this sector — yet Evergreen stands apart, as a firm once full of promise now wracked by instability and reputational questions.
Verdict: Buyer Beware
Any potential acquisition of Evergreen Consultants should be approached with caution. Despite its strong brand heritage and once-lofty aspirations, the firm’s foundation has been eroded by internal discord, talent drain, conflicts of interest, and a shrinking client base. For those considering an investment in Angela Ashton’s Evergreen, the real question is whether there’s anything left to save.
