A prominent family office, which is close to finishing the steps needed for a merger deal, will see its CEO step down, a report says.

The Australia-based Myer Family Company has parted ways with its chief executive Danielle Press after completing its due diligence for its proposed A$3 billion ($2.39 billion) merger with rival Mutual Trust and appointing former Ernst & Young partner Phil Harkness to lead the merged group.

Mutual Trust and Myer Family Investments Pty, the holding company for the Myer Family Company business, stated that the deal combine the companies depended now only on winning clearance from regulators.

Assuming all conditions are satisfied, the two groups said in a statement that current MFC chief executive, Danielle Press would leave the company “after assisting with a smooth transition over the coming weeks and months”. Press had joined the organisation in March last year. 

Current Mutual Trust CEO, Tim Hammon, has previously announced his retirement from that position and will continue as a consultant to the company, the statement continued.

Gordon Dickinson will continue as chairman of the company, which will trade under the name of Mutual Trust.

Existing Mutual Trust shareholders will own 65 per cent of the expanded Mutual Trust. MFI will own 35 per cent and become Mutual Trust's largest single shareholder. The enlarged group will trade under the name Mutual Trust.

The Myer Family Company is one of a number of multi-family offices that pools together resources into the Wigmore Group, a shared resource of ideas on investment and management.