London Partners brothers re-emerge under AFS licence
The sons of the principal of a Melbourne advice firm currently under receivership have started up another firm under the licence of dealer group Australian Financial Services (AFS).
Adrian and Adam Rowley worked alongside their father Steven Rowley, principal of London Partners, which was put into receivership in July this year by Macquarie Bank.
Receiver Pitcher Partners has instructed broker Kenyon Prendeville to conduct the sale of London Partners, an announcement about which, according to director Alan Kenyon, will take place in the “very immediate future”.
London Partners is understood to have had $400 million in client funds under management and employed five planners at its peak before the global financial crisis.
Adam and Adrian Rowley established FYM Financial under the AFS licence on July 1 this year and have been operating from AFS’ Collins Street premises since then.
Adam Rowley told Money Management he was “not in a position to say anything at this stage, except that we have nothing to do with London Partners”.
AFS chief executive Peter Daly said Adam and Adrian Rowley “were two very dynamic young men that had put forward a very strong business plan to us, and were accepted into AFS purely on this basis”.
“We were happy for them to come on board on the understanding they would work with our APLs, and come under our compliance regime, and, it should be said, we have never had a PI claim in our existence.”
He said the two Rowley brothers were also told that “under no circumstances are they to contact any client of London Partners to bring any business across from the firm”.
Recommended for you
High-net-worth advisers seeking to grow their businesses are likely to find alternatives to be a key part of the puzzle amid investor demand, according to Praemium’s head of private wealth.
The financial advice profession has lifted back above the 15,500 mark this week thanks to a double-digit net rise in adviser numbers, according to Wealth Data.
A closer watch on licensees that fall short on cyber security protections is among a dozen new enforcement priorities announced by the corporate regulator for 2025.
Research house Morningstar has welcomed a new director for manager research to cover Australian and New Zealand fund managers.
