US-backed MW Lomax acquires non-aligned firm

Melbourne-based advice firm MW Lomax has announced it acquired Brisbane wealth management firm Westwood Group to create a “financial services powerhouse” across Queensland, Victoria and NSW. 

The merger comes after self-licensed MW Lomax announced it partnered with New York-headquartered private equity outfit Focus Financial Partners in May 2016.

This transaction with Westwood, which is licensed by Watermark, is MW Lomax’s 10th acquisition overall and its first since Focus’ investment.

The move marks a “significant step” towards driving the firm’s growth plan and developing its national reputation, the announcement said.


“MW Lomax shares our values in putting clients first and offering market-leading services. We are excited to join them to leverage each other’s resources and build a dynamic Australian brand together,” said Dominic Cronk, founding director at Westwood.

Directors Dominic Cronk, Rebecca Stacey, Peter Rowsell, Brendon Alford and the rest of the Westwood team will continue to serve clients as part of MW Lomax.

partner features

Jon White, group managing director at MW Lomax, said, “This transaction will not only bring synergies in client services, but also facilitate a geographic expansion that will elevate the position of MW Lomax in the growing wealth and financial services market within Australia.

“Focus has been of great assistance throughout the deal process and we are very excited about our alliance with Westwood.”

US-backed MW Lomax acquires non-aligned firm
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.