Perth-based financial advisory and planning firm DJ Carmichael is to be acquired by Australian wealth manager Shaw and Partners for an undisclosed fee.
DJ Carmichael has been in operation for over 120 years and has around A$650m (£356m, $445m, €398m) in funds under advice.
The transaction is expected to close by the end of August 2019, at which time the DJ Carmichael business will be completely rebranded to Shaw and Partners.
As part of the acquisition, DJ Carmichael’s chief executive, Davide Bosio, will take on the role of western Australia state manager and director of corporate finance under the Shaw and Partners brand.
Existing DJ Carmichael clients will have access to all wealth services of Shaw and Partners.
The acquisition announcement comes off the back of Shaw and Partners’ recent strategic partnership with Swiss private bank EFG International.
EFG acquired 51% of the issued shares in the firm for A$61.2m.
Fiducian Group
Elsewhere, Australian financial services firm Fiducian Group has agreed to purchase the retail financial planning business of Tasmania-based MyState.
Under the agreement, Fiducian will pay approximately A$3.5m to acquire a book of financial planning clients with more than A$340m in funds under advice.
The acquisition is expected to be completed by 30 June 2019.
The transaction will also see Fiducian and MyState enter into an arrangement that will involve ongoing referrals for financial planning from MyState to Fiducian and home mortgage lending and trustee services from Fiducian to MyState.
Fiducian Group head of business development and distribution Jai Singh said: “We are excited to consolidate our presence in Tasmania with this acquisition and to work with MyState to ensure that our clients continue to have access to quality financial planning services and as well, have the benefit of Trustee and Home Lending services from MyState.
“As part of the acquisition, we are also looking forward to welcoming financial planners and support staff into the Fiducian family, so where possible, there is a continuity of service to clients.”
Fiducian has more than A$2.7bn in funds under advice and 40 offices nationally, as at 31 May 2019.
It has already completed acquisitions of financial planning clients with more than A$219m in funds under advice during the 2019 financial year.
