US-based Focus Financial Partners has entered into an agreement to acquire Melbourne specialist advice and accounting firm MEDIQ.
Alongside the transaction, MEDIQ has expanded its leadership team by adding two new partners: Mina Andrawis and Paul Pun, who will respectively lead the wealth and legal, and accounting and taxation teams.
Focus reported the addition reflects its continued expansion of its international footprint. MEDIQ is its second purchase within Australia in the last year.
The Melbourne firm was founded by Ravi Agarwal in 2010 to create a financial service offering customised for medical professionals and their families.
It provides tax services, accounting, financial planning, insurance, investment management and legal and medical practice advice to clients across Australia.
Mr Agarwal commented, “Focus has impressed us with the calibre of its team and partners, and its successful track record in helping wealth management firms accelerate their growth through access to value-added resources, best practices and capital.
“We look forward to leveraging Focus' scale and expertise as we continue our journey of growth and strengthening our client relationships."
Rudy Adolf, chief executive and chairman of Focus, said MEDIQ will expand his group’s Australian presence and add a specialist partner whose value proposition will enable it to capitalise on a growing market.
“Expanding our international presence is an important component of our growth strategy and a source of further diversification,” Mr Adolf said.
Focus co-founder and chief operating officer Rajini Kodialam added MEDIQ is well positioned in the Australian wealth management market and will benefit from added scale and resources to grow its business.
“Australia is one of the international markets we are most focused on given the secular trends shaping its wealth management industry,” Mr Kodialam said.
“The Focus model celebrates the boutique nature of our partner firms while providing access to growth capital, succession planning and value added resources. We believe Focus is uniquely positioned to meet the needs of Australian wealth managers.
“This is our second transaction in Australia within 12 months. It highlights our continued commitment to the country, while supporting our partners' growth and enhancing their client value proposition through Focus business and client solutions.”
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