• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Mortgages
    • Taxation
  • Fintech
  • Regulation
  • In Depth
  • Special Reports
  • Video
  • Directory
  • Advertise with us
  • Events
  • Middle East Hub
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Events
    • Upcoming events
      View all events
  • Middle East Hub
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • In Depth
  • Special Reports
  • Video
  • Directory
  • Taxation

Focus Financial’s Aussie biz MW Lomax acquires Westwood Group

Focus Financial’s Aussie biz MW Lomax acquires Westwood Group
  • Helen Burggraf
  • 14 March 2017
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Melbourne-based advisory business MW Lomax today revealed that it’s acquired a Brisbane-based wealth manager, Westwood Group, its first acquisition since it became part of the New York City-based Focus Financial Partners advisory network.

The deal was seen locally as the first step by MW Lomax towards creating a “financial services powerhouse” across Queensland, Victoria and New South Wales.  MW Lomax was founded in 2002 by Nick Maikousis and Jon White, and according to Australian press reports, has made nine previous acquisitions, prior to linking up with Focus.

Related articles

  • NY’s Focus Financial Partners acquires Gold Coast wealth management boutique
  • US-based Focus Financial network enters Aussie market
  • KKR, Stone Point Capital invest in Focus Financial Ptners
  • Atlas Wealth establishes Abu Dhabi outpost for Gulf-based Aussies

MW Lomax was the third international firm to join Focus Financial, following Canada-based Dorchester Wealth Management and UK-based Greystone Financial Services.

Jon White, group managing director at MW Lomax, said the deal with Westwood would “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”.

“Focus has been of great assistance throughout the deal process and we are very excited about our alliance with Westwood.”

According to the statement, Westwood directors Dominic Cronk, Rebecca Stacey, Peter Rowsell, Brendon Alford and “the rest of the Westwood team” would stay on with the newly-combined entity, which will continue to be called MW Lomax.

As reported here last May, New York City-based Focus was founded in 2006 by Ruediger Adolf, Rajini Kodialam and Leonard Chang, and now is comprised of some 41 “partner firms”. It is said to have been among the US advisory firms leading the move from “wirehouse broker dealers” to registered investment advisers (RIAs, as they are known in the US), and its business is said to have grown rapidly as a result. It has been included on Inc magazine’s annual ranking of America’s fastest-growing private companies for the last few years, including 2015 and 2014.

In a statement on its website at the time it acquired MW Lomaz, Focus said it saw “enormous growth potential” in the Australian market, at the same time that consumer demand for “truly independent financial planning advice” was being intensified by that country’s ongoing regulatory reforms in the financial services sector.  These have generally come as part of a package of regulations known as the Future of Financial Advice reforms, which took effect between July 2012 and July 2013, although additional regulations are currently in the process of being brought in.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Taxation
  • Wealth management
  • UK
  • US
  • Australia
  • Dorchester Wealth Management
  • Focus Financial Partners
  • Greystone Financial Services

More on Taxation

Australia's wealthy on the tax office hit list

  • Taxation
  • 03 December 2019
Investec expects to raise £189m from demerger

  • Business Development
  • 02 December 2019
Australian watchdog bans two advisers

  • Regulation
  • 02 December 2019
'Unprecedented success' in tackling offshore tax evasion: OECD

  • Taxation
  • 02 December 2019
Naked pricing to be the future of adviser fees in Australia: WealthO2

  • Wealth management
  • 02 December 2019
Back to Top

Most read

EXCLUSIVE: deVere agrees sale of South Africa business
EXCLUSIVE: deVere agrees sale of South Africa business
US FATCA crackdown pushing demand for tax advice
US FATCA crackdown pushing demand for tax advice
Korea's Prudential Life Insurance up for sale
Korea's Prudential Life Insurance up for sale
Hong Kong rules that trustees are protected under anti-Bartlett clauses
Hong Kong rules that trustees are protected under anti-Bartlett clauses
HMRC lacks staff to investigate over 5.7 million offshore tip-offs
HMRC lacks staff to investigate over 5.7 million offshore tip-offs
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading