Perth-based financial advisory and planning firm DJ Carmichael is being acquired by one of Australia’s pre-eminent investment and wealth management firms Shaw and Partners.
The acquisition will provide Shaw and Partners with the opportunity to continue to scale its national footprint by further expanding its existing Perth business.
To be rebranded as Shaw and Partners
This transaction is expected to close by the end of August 2019, at which time the DJ Carmichael business will be completely rebranded to Shaw and Partners.
DJ Carmichael has been in operation for more than 120 years and has approximately $650 million in funds under advice.
As part of the acquisition, DJ Carmichael CEO Davide Bosio will take on the role of Western Australia state manager and director of corporate finance under the Shaw and Partners brand.
Bosio said: “We are very much looking forward to becoming a part of Shaw and Partners’ formidable growth story.
“This deal is fantastic for our clients and our staff as it gives us greater distribution and research nationally.
“We also have an ability to offer one of the strongest wealth management platforms in Australia at a time when the largest financial services firms are turning their backs on clients and many skilled advisers who have provided solid advice over the years.
“We are incredibly proud of this next stage of our development and evolution. The combination of our firms simply makes sense and I look forward to leading the team through this exciting period.”
Committed to new office space
Shaw and Partners is in the final stages of signing a new lease in premium office space, which will service the existing Western Australia Shaw and Partners office and clients along with new DJ Carmichael clients, advisers and staff.
“Obvious growth area”
Shaw and Partners co-CEO Earl Evans said: “The Western seaboard is an obvious growth area for us.
“Securing critical mass in Western Australia will allow us to accelerate our presence, broaden our reach and allow more clients to access Shaw and Partners’ investment capabilities and intellectual capital.
“We are eager to integrate the DJ Carmichael team into our existing Perth infrastructure. We have had an office in Perth for 6-plus years and it’s now timely that we focus on expanding it by blending the two operations and adding a local Research and Corporate Advisory capability into the business.”
“Deep expertise in major markets”
Co-CEO Allan Zion said: “Our business continues to grow and evolve due to our agile approach, ability to adapt to changing market conditions and our deep expertise in major markets.
“We are looking forward to continuing to serve our Western Australia based clients and to both broaden and enhance the quality of the DJ Carmichael offering.”
The acquisition follows Shaw and Partners’ recent strategic partnership with Swiss Private Bank, EFG International, which resulted in EFG acquiring 51% of the issued shares in Shaw and Partners for A$61.2 million.