Perth dealer makes Sydney push
Perth based dealer group Western Pacific is to open its first Sydney office, saying the move would establish a beachhead into the country’s most lucrative financial planning market.
The group, headed by chief executive Geoff Pritchard, has lured former Associated Planners adviser Ivan Ang to set up the business on Sydney’s affluent North Shore.
Western Pacific, which has 55 advisers and over $1.5 billion under management, already has a presence in Melbourne, Brisbane and Adelaide, as well as Perth.
The dealer group recently raised $50 million, including through the sale of its stake in the Symetry master trust, part of which it used to buy out its founders, Ian Hodgkinson and Rex Bevan.
The move was designed to hand 95 per cent of the business to the group’s advisers, with management retaining the remaining five per cent.
Under the new ownership structure, each adviser will receive a share holding in the group based on the proportion of total revenue they contribute between the January 1, 2005 and December 31, 2009.
Commenting on the move into Sydney, Pritchard said: “We’re confident that the Sydney market will respond very positively to our investment and financial planning philosophy.”
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