Melbourne advice boutique Paradigm Wealth Management has acquired a self-licensed former competitor, with an eye to expanding the FUM of its managed discretionary account (MDA) solution.
Paradigm will acquire Melbourne-based boutique Portfolio Managers for an undisclosed sum, bringing its total funds under advice to $350 million and adding an additional three advisers.
Portfolio Managers’ SMSF and high net worth specialisation make the firm an “ideal cultural fit”, said Paradigm managing director Patrick Nalty, adding that he anticipates “a substantial portion [of the Portfolio Managers client base] will migrate across to Paradigm’s MDA service in the next 12-18 months”.
Mr Nalty said acquisition is an important part of the group’s strategy to drive FUM in its MDA product, while also seeking to maintain a boutique culture.
“In order to achieve meaningful scale, we need to continue attracting experienced advisers,” he said.
“We’re not a dealer group. We have a compelling salaried adviser model with the resources and infrastructure to properly support advisers and accountants.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 12 Nov 2018InvestSMART launches maxed feesBy Sarah Simpkins
- 13 Nov 2018Advice demand soaring despite reputation hitBy Adrian Flores
- 12 Nov 2018Former premier, advisers sound alarm on sex discriminationBy James Mitchell
- 12 Nov 2018Labor franking credit plan slammed by inquiry chairBy Eliot Hastie
- 12 Nov 2018Finance sector rife with data breachesBy Adrian Flores
- 9 Nov 2018CBA blames industry misconduct on licenseesBy James Mitchell
- view all
