Focus Financial Partners, which owns a number of Australian boutiques, has announced an initial public offering and plans to list on the Nasdaq in New York.
Focus has announced its IPO on the Nasdaq, marking the development with a celebration at the stock exchange’s Times Square headquarters.
The private equity-backed firm entered the Australian market in May 2016 via a minority stake in Melbourne boutique MW Lomax, which subsequently acquired Brisbane’s Westwood Group.
In November 2017, ifa exclusively reported that Focus was taking a second bite in the Australian IFA market, acquiring Financial Professionals on the Gold Coast.
Focus chief executive Rudy Adolf said the IPO has broader significance for the independent wealth management market in the US.
"This is not just a great step for Focus, but this is truly a major event for the [registered investment advisor] industry. Our success is a reflection of the unstoppable trend towards higher quality advice, only provided by fiduciary advisers," Mr Adolf said.
"We are excited to continue on journey with our dedicated partners and employees, and are looking forward to operating as a public company on the Nasdaq Stock Exchange."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Oct 2018Life insurer fires 50, kills outbound sales businessBy James Mitchell
- 19 Oct 2018Strategic plan for AFCA releasedBy Eliot Hastie
- 18 Oct 2018Clique Paraplanning launches practice portalBy Reporter
- 18 Oct 2018Challenger announces new Netwealth dealBy James Mitchell
- 18 Oct 2018Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 18 Oct 2018Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- view all