The company acquired 100 per cent of the issued capital of Madison from Clime Investment Management.
The deal had first been announced last month when the two parties signed a heads of agreement, stating there was a “cultural alignment” between the two firms. It had flagged its intention to complete the deal by the end of the 2023–24 financial year.
Madison consists of 54 authorised representatives across 32 financial advisory practices. Combined with Infocus’ existing advisers brings the total number to more than 200 and boosted funds under advice to $17 billion, making it Australia’s 12th largest licensee.
Infocus founder and managing director, Darren Steinhardt, said: “Madison is a quality advisory network with quality financial advisers who represent well the expected high standards of practitioners in the evolving financial advisory profession.
“We’re proud to have been chosen by Clime as their partner in this transaction and would like to thank their team for making this as seamless as possible.”
Following the divestment, Clime said it will streamline its operations to focus on funds management and private wealth.
Clime chief executive, Annick Donat, said: “Infocus will be excellent custodians of the Madison business. It is clear there is strong cultural and strategic alignment between the firms, and they have an outstanding track record of supporting financial advisers.”
