Shaw and Partners has acquired Perth-based financial advisory and planning firm DJ Carmichael, which has approximately $650 million funds under its advice.
Sydney-based Shaw and Partners said the acquisition would increase the scale of its existing wealth management business in Western Australia.
As part of the expansion, Shaw and Partners said, it was in the final stages of committing to 600 square metres of real estate, which would service the existing WA Shaw and Partners office and clients along with new DJ Carmichael clients, advisers and staff.
Shaw and Partners said it had around $17 billion of assets under advice.
In March, Swiss Private Bank, EFG International, acquired a 51 per cent stake of Shaw and Partners for $61.2 million.
Shaw and Partners co-chief executive Earl Evans said the western seaboard was an obvious growth area for the firm.
“Securing critical mass in WA will allow us to accelerate our presence, broaden our reach and allow more clients to access Shaw and Partners’ investment capabilities and intellectual capital,” he said.
“We are eager to integrate the DJ Carmichael team into our existing Perth infrastructure.
“We have had an office in Perth for over six years and it’s now timely that we focus on expanding it by blending the two operations and adding a local research and corporate advisory capability into the business.”
“This deal is fantastic for our clients and our staff as it gives us greater distribution and research nationally,” he said.
“We also have an ability to offer one of the strongest wealth management platforms in Australia at a time when the largest financial services firms are turning their backs on clients and many skilled advisers who have provided solid advice over the years."