Financial services firm Ironbark Investment Partners has purchased Sydney-based high-net-worth and family office company Mercury Private, in a bid to strengthen its private wealth business.
Established in 2015, Mercury is led by principal adviser and founder, Tim Eustace.
It offers financial services ranging from investment advice, asset protection, tax structuring, succession, estate planning and philanthropy.
Ironbark is led and co-founded by Chris Larsen, who previously headed Deutsche Bank’s asset management business in Australia, and counts ex JBWere Australia boss Justin Greiner as its head of strategy.
The wealth manager creates products for financial adviser networks, and Australian-listed conglomerate Soul Patts is a major investor.
The business was founded in 2009 and offers solutions for retail, wholesale and institutional clients across Australia from offices in Sydney and Melbourne.
It has over $76.3bn of funds under management, trusteeship and advice.
Acquisitions are known to have been on its agenda for some time.
It was understood to have been weighing an acquisition of minority stakes in 16 AMP financial advice practices for sale, with AZ NGA winding up as the buyer.
It comes amid a period of consolidation in the private wealth industry, and following deals involving Oaktree Capital Management’s purchase of financial advice and accounting network AZ NGA and as Perpetual sells its wealth management unit through investment bank Barrenjoey.
Add your comment to this story
GemLife settles on market value of close to $2bn for IPO: sources
The retirement living group is set to hit the boards with owners selling a limited portion of stock.
Healthscope’s Aussie lenders dash hedge fund control hopes
Distressed debt investors wanted to drive the agenda for the collapsed private hospital operator, but its big local financiers had other plans.
To join the conversation, please log in. Don't have an account? Register
Join the conversation, you are commenting as Logout