Fitzpatricks in PE deal
Financial planning firm, Fitzpatricks Group has secured private equity funding to help drive further scale.
The company announced today that it had entered into a capital funding partnership agreement with Quadrant Private Equity and Yorkway Capital Partners to support its growth as “Australia’s leading, privately-held national provider of client-centric advice to successful families, business owners and high net worth individuals”.
The announcement said the group had grown significantly in recent years into a truly national firm with more than 75 advisers across capital cities and other major centres.
“The Fitzpatricks Group, through its Fitzpatricks Private Wealth business, sees the partnership with Quadrant and Yorkway as a vital step in realising a long-held ambition of the company’s founders to reach more people who might benefit from our unique offer of ethical, goals-based, client-centric financial advice,” Fitzpatricks chief executive, John McMurdo said.
“Achieving scale and realising the efficiencies and benefits it brings for clients is a central challenge for all professional services providers, particularly those who seek to remain outside of institutional ownership. We welcome into the partnership Quadrant and Yorkway, who identify strongly with our vision and the opportunity for Fitzpatricks,” he said.
Quadrant managing partner, Marcus Darvill said Fitzpatricks had built a strong position in Australia’s wealth advisory sector.
“It is a genuine client-centric advice offering, and provides a highly credible alternative to the bank-owned and institutional wealth management companies,” he said.
Recommended for you
JANA Investment Advisers has made several internal promotions and new appointments across its research team to bolster its position in the market.
SQM Research’s former head of research, Rob da Silva, has joined an investment consulting and analytics firm to drive the expansion of its research coverage.
AFCA has confirmed its chief operating officer, Justin Untersteiner, will be departing the organisation in March to take up a CEO role.
Minister for Financial Services, Stephen Jones, has announced he will be retiring at the upcoming federal election.
