MW Lomax, an advisory firm with offices in Melbourne and Sydney, has acquired Westwood Group, a Brisbane-based wealth management firm, for an undisclosed sum.
MW Lomax said that the merger of the two entities will result in the creation of a “financial services powerhouse” that will operate across Queensland, Victoria and New South Wales.
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The deal marks MW Lomax’s 10th acquisition and also its first M&A transaction after it struck a partnership with Focus Financial Partners in May 2016.
MW Lomax group managing director Jon White said: “This transaction will not only bring synergies in client services, but also facilitate a geographic expansion that will elevate the position of MW Lomax in the growing wealth and financial services market within Australia.”
Westwood directors Dominic Cronk, Rebecca Stacey, Peter Rowsell, Brendan Alford along with the firm’s remaining team will join MW Lomax as part of the deal.
“We are excited to join them to leverage each other’s resources and build a dynamic Australian brand together,” Cronk noted.
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