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Centric revs its engine

Victoria Young
— 1 minute read
Australia's largest independently-owned private wealth advisory firm edges closer to listing.
Centric Wealth is on track to become the nation's only high net worth listed financial services business, with the announcement of a double merger.

The independent wealth advisory firm has merged with Gaddie Metz Kahn [GMK] and Myers Business Partners. It has been in discussions with the pair for 18 months.

"After this merger we will be the only true high end listed diversified financial services group," Centric Wealth joint chief executive Michael Pillemer said.

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The GMK merger represents Centric's first push into Melbourne. All 90 GMK staff and 12 Myers Business Partners employees will join the merged group bringing total staff numbers to 300 in Melbourne, Sydney, Brisbane and Canberra.

An accounting and tax services division called GMK Centric will also be established.

"Both groups have got very complementary capabilities," Pillemer said.

"The Melbourne merger gives us a platform to build business there. We now have high level accounting and family office capabilities on the ground in Melbourne and Sydney, which we didn't have previously."

Commenting on the merger, Gaddie Metz Kahn director Kevin Slomoi said: "Centric Wealth shares our reputation for client service and workplace culture - it was on that basis we felt that merging our businesses was the right choice."

Client-focused Centric Wealth was the first and only choice for Myers Business Partners, director Lawrence Myers said.

Myers has more than 100 clients with net assets in excess of $25 million. It has 40 financial advisers and $5 billion in funds under advice.

Centric Wealth plans to complete an initial public offering before the end of the year.

It was formed almost two years ago, following the merger of Berkley Group Holdings and Centrestone Wealth Management.

GMK is an independent Melbourne-based accounting and wealth advisory firm with a 28-year history.

Sydney boutique Myers Business Partners provides top end accounting and family office services.

 

Centric revs its engine
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