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March 14, 2017

MW Lomax snaps up wealth management firm Westwood Group

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.

By Verdict Staff

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.

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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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.

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.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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