Ord Minnett acquires EL & C Baillieu

Stockbroking firm Ord Minnett acquires EL & C Baillieu, in a move that marks further consolidation of the nation’s wealth management market.

“We felt this acquisition was a strong strategic and cultural fit with Ord Minnett,” said Ord Minnett chief executive Karl Morris. Picture; AAP

Stockbroker Ord Minnett has acquired establishment Melbourne brokerage EL & C Baillieu, in a move that marks furtherconsolidation of the nation’s wealth management market.

The acquisition of the 131-year-old EL & C Baillieu, which has nine locations around Australia and 250 staff, will see Sydney-headquarteredOrd Minnett emerge as the nation’s biggest independent private wealth firm.

The acquisition, for an undisclosed amount, follows EL & C Baillieu launching a strategic review of its business in June.

“We felt this acquisition was a strong strategic and cultural fit with Ord Minnett. The combination of EL & C Baillieu’s brandheritage and history, private stockbroking business, its adviser network, its client-base and operational synergies will cementOrds as a respected Australian wealth brand,” said Ord Minnett chief executive Karl Morris.

“The scale benefits and self-clearing of the two businesses will allow us to be leaders in financial advice,” he said.

Ord Minnett, which has over 400 staff, provides full-service stockbroking, financial planning, and funds management servicesand has more than $35bn in funds under management.

Jo Dawson, chair of EL & C Baillieu said: “We are delighted to announce the shareholders of EL & C Baillieu have overwhelminglyvoted in favour of a transaction with Ord Minnett”.

“The transaction will bring together two of Australia’s longest standing stockbroking firms, and provide many exciting opportunitiesfor our clients and staff,” Ms Dawson said.

In a note sent to clients EL& C Baillieu said there are many similarities between the two businesses “including values, tradition,heritage and history of wealth management expertise”.

The merger of the two firms will take place over the next 12 months.

EL & C Baillieu will continue to operate under its name, although will now be a wholly owned subsidiary of Ord Minnett.

EL & C Baillieu were advised by Deloitte Corporate Finance and King & Wood Mallesons and Ord Minnett were advised by InterFinancialCorporate Finance and McCullough Robertson.