Paradigm Wealth Management, an Australia-based investment advisory and wealth protection firm, has acquired Portfolio Managers for an undisclosed sum to boost the funds under management of its MDA solution.
The acquisition of Melbourne-based boutique Portfolio Managers will increase Paradigm’s total funds under advice to $350m and will also add three new advisers, reported Independent Financial adviser.
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The deal will see a large portion of the Portfolio Managers client base moving to Paradigm’s MDA service over the next 12-18 months.
Patrick Nalty, managing director of Paradigm, said: "Portfolio Managers’ SMSF and HNW specialization make it an ideal cultural fit."
Nalty added that the acquisition comes as part of the group’s strategy to boost FUM in its MDA product, while also seeking to maintain a boutique culture.
"In order to achieve meaningful scale, we need to continue attracting experienced advisers. We have a compelling salaried adviser model with the resources and infrastructure to properly support advisers and accountants," Nalty added.
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