Sydney-based advice practices to form $1.3bn business
Evalesco Financial Services and Principal Edge Financial Services are set to join forces to create a “stronger, more resilient” advice offering.
Evalesco, located in Sydney’s CBD and founded in 2001, provides comprehensive financial planning, investment management and insurance solutions. Principal Edge is located in Double Bay and was founded in 1988. It also offers financial planning, investment management and retirement solutions.
The two businesses have confirmed a strategic merger that will create a combined $1.3 billion in assets under management.
Evalesco chief executive Jeff Thurecht will lead the newly merged business as its CEO, while Principal Edge founder Bruce Kluk will continue as a director, owner and financial adviser. He will be focused on long-term growth through the Principal Edge family office offering.
All staff from Principal Edge, including its six advisers, will remain in the business. The two brands will continue to operate side-by-side and will share their resources to drive further efficiencies, growth and opportunities.
The new senior leadership team will be led by Thurecht alongside director Marshall Brentnall and general manager Belinda Marley-Wallace from Evalesco.
“Our merger is a natural evolution that aligns with our shared values and vision for the future; two teams committed to providing advice for a healthy, wealthy and happy life,” Thurecht described.
“Together, we are excited to build a stronger, more resilient advice offer that will continue to provide exceptional service to our clients.”
He added that the merged business will have a strong growth trajectory, with combined expertise to continue providing high-quality advice to its growing client base.
In addition, the merger will provide ongoing professional opportunities for both Evalesco and Principal Edge staff, ensuring they continue to have strong career paths within the combined organisation.
“Our people are our greatest asset, and this merger will create new opportunities for growth and development,” Thurecht continued.
Also commenting on the announcement, Kluk said: “I am proud of what we have achieved at Principal Edge over the last 36 years, and I’m confident that this merger will ensure continued success and growth. I look forward to supporting the new leadership team and contributing to our long-term vision.”
Financial advice and its associated technology was recently identified by a panel of industry experts as key hotspots in the Australian M&A landscape. In particular, “interesting partnerships” are emerging in financial advisory businesses, as consolidation activity continues in the sector.
AUTHOR
Jasmine Siljic
Recommended for you
While model figures provide valuable insights on how advisers can draw benefits from managed accounts, Zenith’s head of portfolio solutions has argued that professional judgement and quality research are key to successful implementation.
While the number of financial services staff using AI has almost doubled in the last year, two surveys have revealed that fast-paced AI adoption has led to governance gaps and growing concerns about job security.
Entireti has partnered with Striver to connect graduates and job seekers with its advice network to support the placement of new talent.
ASIC has cancelled the Australian financial services licence of Ivy League Capital Pty Ltd, a firm authorised to provide advice in relation to managed investment schemes.
