St Andrew's expands into Qld

Perth-based wealth management company St Andrew's Australia has expanded its financial planning business by acquiring Queensland firm Whittaker Macnaught, established by high profile media commentator Noel Whittaker.
St Andrew's managing director John Van Der Wielen said the acquisition would lift the group's funds under management or advice to nearly $2 billion and the total number of financial advisers to 65.
He added that St Andrew's was also pursuing organic growth, and had employed more than 20 financial planners in Western Australia in the past 18 months.
Mr Van Der Wielen said the backing of HBOS Australia, which also owns BankWest, was an important part of St Andrew's growth plans.
He believed St Andrew's had "the knowledge and focus and skill set" to achieve profitable growth in wealth management, a goal that previously eluded BankWest.
"We intend to continue to grow our wealth and insurance business to become a substantial contributor to the overall HBOS Australia profit," he said.
Mr Van Der Wielen said St Andrew's had started in Perth from scratch and would have 240 staff nationally following the acquisition.
In line with HBOS's multi-branding strategy, the Whittaker Macnaught brand would be retained and both Cheryl Macnaught and Noel Whittaker would continue to work with St Andrew's.


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