02/03/2012 - 10:32

Entrust moves to $1bn with Finovia deal

02/03/2012 - 10:32


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Entrust moves to $1bn with Finovia deal
Entrust chief executive Grant Vernon (R) and managing director Graeme Yukich.

Entrust Private Wealth Management has announced a merger with Finovia, a Melbourne-based funds manager backed by the private investment arm of the Wyllie family.

Finovia will commence trading from today as Finovia partnered by Entrust, and non-executive director Marshall Allen will join Entrust’s board.

Financial terms of the transaction were not disclosed.

The deal doubles Entrust’s funds under management to more than $1 billion, with the expanded team comprising more than 50 staff based in Perth and Melbourne.

Newly-appointed Entrust chief executive Grant Vernon said the acquisition was a “positive outcome”.

“We share the same philosophy of providing a boutique advice service that is tailored to the needs of the client, but we have systems to do that efficiently,” Mr Vernon said.

“There is a huge demand for specialist, strategic financial advice – our model for managed advice on listed equities is what sets us apart.

“This niche is under-serviced and we see tremendous potential to fill a void that does not have any dominant competitors.’


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