Following its partnership with US wealth management firm Focus Financial, Melbourne financial advice boutique MW Lomax has expanded its “geographic footprint” with a key acquisition.
Westwood Group, a mid-tier, Brisbane-based financial planning business licensed by non-aligned dealer Watermark, will be acquired by WM Lomax in a move it says will create a “financial services powerhouse”.
The firm entered into an agreement with Focus in 2016, which saw the New York-headquartered company enter the Australian market for the first time.
Focus received US$320 million in a credit facility in 2012 involving Bank of America, UBS and JP Morgan, which allowed it to commence a spending spree and global expansion.
“This transaction will not only bring synergies in client services, but also facilitate a geographic expansion that will elevate the position of MW Lomax in the growing wealth and financial services market within Australia,” said MW Lomax group managing director Jon White.
“Focus has been of great assistance throughout the deal process and we are very excited about our alliance with Westwood.”
Focus has also entered partnerships with Canadian firm Dorchester Wealth Management and Greystone Financial Services in the UK.
“Our founding mission is to support entrepreneurial wealth management firms to provide independent financial advice to individuals, families and institutions,” Focus co-founder Rajini Kodialam said at the time of the MW Lomax deal.