Fitzpatricks Group has secured investment from private equity players, ensuring it remains free of institutional ownership.
The non-bank dealer group, which has 75 advisers across Australia, has entered into a capital funding partnership with Quadrant Private Equity and Yorkway Capital Partners.
The capital injection will help the licensee and its advisers reach more Australians for financial advice, said Fitzpatricks chief executive John McMurdo.
“Today’s news is exciting for our advisers, clients and our business partners as we secure the capital base and partners required to build a strong continuum of the Fitzpatrick’s renowned client-centric focus,” Mr McMurdo said.
“Achieving scale and realising the efficiencies and benefits it brings for clients is a central challenge for all professional services providers, particularly those who seek to remain outside of institutional ownership. We welcome into the partnership Quadrant and Yorkway, who identify strongly with our vision and the opportunity for Fitzpatricks.”
ifa has previously predicted an influx of private equity interest in the Australian IFA market: https://www.ifa.com.au/news/17552-private-equity-players-circle-financial-advice-sector
Diverger has made an offer to acquire Centrepoint Alliance, a move that would create one of the largest licensees behind only Insignia and AMP.
The corporate regulator has outlined a key focus on product labelling and advertising.
The federal government has sought to clear up uncertainty about the status of crypto for tax purposes following the adoption of bitcoin as legal tende...
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.