Australian Wealth Management (AWM) has gained control of Ord Minnett Group after acquiring a 70 per cent stake in the company in exchange for the issue of 47.6 million new AWM shares.
Ord Minnett will continue to operate as a standalone business, with the existing management team and chairman remaining in place.
The existing 30 per cent stake JP Morgan holds in Ord Minnett will remain, with its product distribution and research partnership being extended to benefit AWM as well.
Chris Kelaher and Ian Griffiths from AWM will join the Ord Minnett board.
The acquisition is consistent with AWM’s strategy of expanding its distribution network and providing cross-sell opportunities across existing businesses, with Ord Minnett boasting a substantial high-net-worth private client base and a national adviser network.
Completion of the transaction is planned for June.
