US-based Focus Financial, a partnership of wealth managers, has agreed to acquire Australian wealth firm Escala Partners.
The transaction is expected to close in the second quarter of 2019, subject to customary closing conditions.
The addition of Escala is part of Focus’ growth plan to expand its operations in the wealth sector, globally.
Escala is headquartered in Melbourne, with offices in Sydney and Perth. It offers advice to high net worth individuals, families, not-for-profit organisations and institutional investors.
Philosophy resonates with potential partners
Rudy Adolf, founder, chief executive and chairman of Focus, said: “Regulators across the globe are continuing to focus on, and to increasingly mandate, the provision of fiduciary advice.
“We believe the heightened regulatory scrutiny and proliferating awareness of the fiduciary standard for wealth management is increasingly driving wealth management professionals and their clients toward objective, fee-based business models consistent with our partner firms’ client-centric approach.
“We have identified Australia as an important and attractive market, along with Canada, where we just completed our second transaction, the UK and Western Europe, and over time Asia.
“We expect our philosophy of fiduciary care and nonalignment with product providers to resonate with potential partner firms and their sophisticated clients.”
The financial terms of the deal were not disclosed.
