Stanford Brown has said it merged one of its divisions with a Sydney-based mortgage broking firm to create a new subsidiary.
The subsidiary, to be known as Stanford Brown Home Loans, is the result of a merger between Stanford Brown's mortgage broking arm and John Ruddick Home Loans.
John Ruddick will run the new company as CEO and move into Stanford Brown's North Sydney offices.
The combined business is expected to manage $150 million in residential and commercial mortgages and will write about $10 million of new loans each month.
Stanford Brown chief executive Jonathan Hoyle said he was delighted to create the new company, as mortgage broking and financial planning services go “hand-in-hand”.
“A truly holistic wealth management firm needs to offer its clients not only the ability to manage the asset side of their balance sheet, but also their liabilities,” he said.
“Stanford Brown is now able to purchase and manage all asset classes, including direct property, and to advise our clients on the optimal funding mix.”
Mr Ruddick said he had many merger offers from wealth management firms, but they were never the right fit.
“We have worked closely with Stanford Brown for over two years and now are thrilled to be fully integrated into Stanford Brown, which has an outstanding reputation in the financial services industry,” he said.
“The combination of our experience in mortgage broking and Stanford Brown’s wider financial depth will deliver clients a highly professionalised service.”
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