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Bennelong Group enters advice market

The parent company of a prominent multi-boutique funds management business has flagged plans to launch a new wealth management and advisory strategy arm, with the acquisition of a controlling stake in a Melbourne advice firm.

Bennelong Group announced it has acquired a controlling interest in Melbourne-based wealth management and advisory firm Carnbrea & Co Limited.

The group has also announced the appointment of former ANZ, UBS and JBWere executive Fiona Rowland to head up the business as well as oversee the group’s charitable Bennelong Foundation.

“The acquisition is in line with the Group’s strategy to expand into wealth management and advice for private clients and not for profit organisations and represents the first in an expected series of acquisitions and wealth adviser hires,” Bennelong stated.

The group said it is pursuing growth strategy in wealth management tailored to the needs of high net worth and ultra-high net worth private clients and not for profit organisations.

Ms Rowland will join the group later this month after 12 years in senior executive roles with ANZ, UBS and JBWere after working as a corporate and funds management lawyer at Minter Ellison.

The wealth management and funds management arms of the business will be run as separate entities under the Bennelong banner.