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
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all
