In a statement on Tuesday, Mason Stevens confirmed the acquisition, first announced in December, has now been completed.
“Our partnership with Adamantem is a pivotal moment in Mason Stevens’ history and will enable us to fast-track our vision of delivering more advanced investment solutions and growing our client base,” said Tim Yule, CEO of Mason Stevens.
With the backing of Adamantem Capital, which manages over $2 billion in assets, Mason Stevens said it hopes to increase and accelerate investment in its integrated wealth platform and services for wealth practices, focusing on innovations that enhance the client experience, improve efficiency, and support scaleable growth.
“We look forward to working with the Adamantem team to build on the strong foundations we’ve established and continue to deliver superior results for existing and new clients,” said Yule.
Since the beginning of FY22, Mason Stevens has seen its funds under administration expand by some 57 per cent to circa $8 billion.
Adamantem is one of many private equity firms to take an interest in the wealth management industry in recent months.
Namely, Oaktree Capital invested $240 million in advisory group AZ NGA, while Insignia Financial has been the subject of numerous takeover bids.
According to Finura joint managing director Peter Worn, the “great privatisation of wealth”, as he describes it, is a healthy sign for the industry’s future.
“I think that should signal to a lot of people that Australian wealth management is a really great business to be in, that people want to put huge amounts of capital into for the future,” he said earlier this year.
