Focus Financial’s partner wealth management firm, Connectus Wealth Advisers, has entered into the Australian market, according to an announcement.
New York–based Connectus acquired Sydney-based Brady & Associates Group; Link Financial Services in Caulfield North, Victoria; and Westwood Group in Brisbane.
Brady & Associates provides financial planning, investment management and tax advisory services to high-net-worth individuals and families, estates, trusts and small business owners. Link Financial provides wealth management services to HNW individuals, families and family offices. Lastly, Westwood serves professionals, executives, and small and medium-size business owners.
“Longer-term, Connectus will help us solve for succession, and create a seamless transition for our team and our clients, while preserving the legacy of the firm we have built," said Paul Brady, founder and managing director of Brady & Associates.
Westwood, on the other hand said it is looking to grow its clientele.
“These transactions build on the expansion of Connectus in the United States and address an important strategic need in the Australian wealth management market. Connectus enhances the client-centric ethos of boutique wealth management firms through access to the centralized resources and capabilities of a global partner,” Rajini Kodialam, co-founder and chief operating officer of Focus, said.
Connectus will offer shared services such as technology, investment support, compliance, accounting, marketing and staffing.
Connectus also announced it was set to acquire an RIA in Hunt Valley, Md., known as Horan Capital Management. Horan manages $723 million in client assets.
Though this is Connectus’ first entry into the Australian wealth management market, it is not the case for Focus, which owns two Aussie firms, Escala Partners and MEDIQ Financial Services, in Melbourne.
Focus Financial manages over $200 billion in client assets and has annual revenues of $1 billion across 60 wealth management firms located in the U.S., Australia and Canada.
