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The wealth industry’s new all-powerful gatekeepers emerge

How the rise of managed accounts is transforming the wealth landscape.

Jonathan Shapiro

When the newly created investment firm Scarcity Partners announced it had bought a stake in Evidentia Partners last year, the cottage industry of asset consultants sat up and took notice. Maybe their business was worth something.

And when Scarcity tripled its money in less than a year after ASX-listed Generation Development Group paid $320 million to acquire the business, the penny dropped. Perhaps their little businesses were worth a lot.

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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/the-wealth-industry-s-new-all-powerful-gatekeepers-emerge-20250702-p5mc14