MW Lomax is the third international firm to join Focus in recent years, following Canada-based Dorchester Wealth Management in 2015 and UK-based Greystone Financial Services in 2008.
Focus Financial said its expansion into Australia was driven by the size as the domestic funds management market and its attractive growth outlook given that almost two million Australians have stated they are looking for a financial adviser.
According to the Investment Company Institute’s Worldwide Mutual Fund Assets and Flows data, Australia had the largest pool of funds under management in the Asia Pacific region at the end of June last year, just beating out Singapore.
Significant step
Rajini Kodialam, co-founder and managing director at Focus, said: “MW Lomax represents a significant step forward in our international growth strategy.
“We are excited to bring our model and resources to the Australian financial market today,” he said in a statement.
Focus said its relationship with MW Lomax would also provide the Australian company with a platform to capitalise on increasing consumer demand for truly independent financial planning advice which is being intensified by ongoing regulatory reform in the sector.
Jon White, group managing director at MW Lomax, said: “We are excited to be the first Australian firm to join the ranks of the high calibre wealth management firms currently in the Focus partnership.
“Having seen various firms tapping into Focus’ capital and resources to achieve the next stage of growth while maintaining their independence and local characteristics, we are confident that we will be able to do the same here in Australia.”
