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March 13, 2017 at 11:00 PM PDT
Focus Supports Strategic Transaction Of MW Lomax, Continuing Momentum In Australia
Focus Supports Strategic Transaction of MW Lomax, Continuing Momentum in Australia
– MW LOMAX ACCELERATES GROWTH LESS THAN A YEAR AFTER FOCUS INVESTMENT –
Melbourne, Australia – March 14, 2017 – Focus Financial Partners (‘Focus’), a leading international partnership of fiduciary wealth management firms, today announced Brisbane-based wealth management firm Westwood Group (‘Westwood’) has joined forces with MW Lomax, a Melbourne-headquartered firm that partnered with Focus in May 2016. This strategic transaction clearly illustrates Focus’ global market penetration, demonstrating the support the firm provides to wealth management firms located around the world through its M&A expertise and value-add programs.
MW Lomax is the third international firm to join Focus, following Canada-based Dorchester Wealth Management and the U.K.-based Greystone Financial Services. With offices in Melbourne and Sydney, MW Lomax began its relationship with Focus 10 months ago hoping to tap into Focus’ resources to further extend its geographic reach and strengthen the firm’s wealth management capabilities. This transaction with Westwood marks MW Lomax’s first M&A deal following Focus’ investment, a significant step towards driving the firm’s growth plan and building its national brand.
Founded in 2000, Westwood aims to provide comprehensive wealth solutions to owners of small and medium sized businesses, executives and professionals. Directors Dominic Cronk, Rebecca Stacey, Peter Rowsell, Brendan Alford and the rest of the Westwood team will stay on as part of the combined firm following the transaction.
“This transaction will not only bring synergies in client services, but also facilitate a geographic expansion that will should elevate the position of MW Lomax in the growing wealth market within Australia,” said Jon White, Group Managing Director at MW Lomax. “That we have been able to make this move so quickly far exceeded our expectations of the speed and efficiency with which we could leverage Focus’ resources after partnering with them. Focus has been instrumental throughout the deal process and we are very excited about our alliance with Westwood.”
“Focus made the decision to enter the Australian market because we saw great potential in the increasing consumer demand for holistic financial advice,” said Rajini Kodialam, Co-Founder and Managing Director at Focus. “ M&A is one of the key ways Focus connects like-minded entrepreneurs and adds value to their client services. It has been great to see the Focus model so well received in Australia and we anticipate continued deal momentum going forward.”
About Focus Financial Partners
Focus Financial Partners is a leading partnership of fiduciary wealth management firms. Focus provides superior access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with wealth management, benefits consulting and investment consulting services. Focus partner firms maintain their operational autonomy, while they benefit from the synergies, scale, economics and best practices of a market leader to achieve their business objectives. For more information about Focus Financial Partners, please visit www.focusfinancialpartners.com
About MW Lomax
Founded in 2002, MW Lomax offers financial expertise across the areas of wealth management, accounting & tax, insurance and business advisory services. The firm provides clients across the greater Melbourne and Sydney regions with holistic wealth management and financial planning. MW Lomax utilizes a planning process approach that incorporates wealth accumulation, preservation and diversification while managing risks through appropriate financial protection. For more information about MW Lomax, please visit www.mwlomax.com.au.
About Westwood Group
Founded in 2000, The Westwood Group provides solutions to the complexities faced by busy professionals, executives and small and medium sized business owners. By taking on the role as ‘Personal CFO’, Westwood provides services across a broad range of areas including financial planning, investment management, accounting, and insurance and debt management. Westwood’s customized investment solutions are offered through its subsidiary Whitehaven Private Portfolios. For more information about Westwood, please visit http://westwoodgroup.com.au/
DAIJING LIN, FOCUS FINANCIAL PARTNERS
[email protected] / +61-3 8652 1346 OR +1-646 775 6412