Bobbin in legal/financial planning play
Well-known financial services lawyer Peter Bobbin and his firm Rockwell Olivier are now part of a wider legal and wealth management group after its parent company purchased a financial advice group.
Earlier this month, listed company ILH Group announced it would expand into the wealth management space by acquiring financial advice group Capricorn Investment Partners.
In acquiring Capricorn, ILH also bought The Pentad Group, a financial planning business located in Camberwell, Victoria and corporate advisory firm Eaton Capital Advisers.
Rockwell Olivier, formerly known as Argyle Lawyers and headed by Peter Bobbin, was acquired by ILH Group last year and now forms its legal services division, while Capricorn - and its subsidiaries - form the wealth management arm.
Bobbin’s Argyle Lawyers in Sydney, Rockwell Bates in Melbourne and Talbot Olivier in Perth all combined under the name Rockwell Olivier at the time of acquisition.
Capricorn Investment Partners employs 11 advisers across Queensland, NSW and Victoria and has $447 million in funds under advice.
Speaking to Money Management last week, Capricorn managing director and head of financial planning David French said the firm was very pleased to team up with a law firm.
He said most of the firm’s business came from the self-managed super fund space which required a lot of attention from lawyers with regards to compliance.
Having the Rockwell Olivier team “down the hall” made much more sense than being acquired by an accounting firm, he said.
ILH Group said Capricorn would have annual revenues of more than $5.8 million and provide the law firm with an “additional platform for further growth and development, and access to new industries and clients in the Australasian market”.
“The directors consider the acquisition offers significant opportunities for client-cross pollination and synergies generally with ILH member firms,” ILH Group said in an announcement published on the Australian Securities Exchange.
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