Accountancy giant Grant Thornton has sold its private wealth business in Australia to its senior team members for an undisclosed sum.
The senior team, consisting of Jon Black, Joanne Kenderes and Laura Perresini are the majority owner of Oreana Private, part of Australian and Hong Kong-based firm Oreana Financial Group.
They will be joined by a number of Grant Thornton employees, to ensure continuity of client relationships.
The private wealth team provides specialist wealth advisory services to high net worth individuals and family offices. In addition, the clients of the private wealth team will continue to engage with Grant Thornton for a wide variety of other services.
Decision
Grant Thornton said: “Our decision to sell this business was not taken lightly and is connected with our need to ensure that we comply with national and international independence regulations.
“Grant Thornton Australia forms part of the Grant Thornton International network and these regulations are of critical importance to us. The sale of this business ensures that the firm is not affected by providing direct or indirect investment recommendations on clients or potential clients.
“As a standalone business, the private wealth team will be able to focus all of their resources and priorities on providing the highest level of support to clients while meeting any additional requirements and regulations.”
