AWAG strikes strategic JV deal to expand market reach

The Australian Wealth Advisors Group (AWAG) has entered a strategic joint venture relationship with PhillipCapital, expanding its product and services distribution reach.

Founded in 1975, PhillipCapital is a global financial services firm headquartered in Singapore, providing asset management for wholesale and significant investor visa clients, retail online equities trading for local and global markets, and B2B wholesale stockbroking services.

AWAG explained that this partnership will facilitate the distribution of AWAG and Armytage – a subsidiary of AWAG – products and services to PhillipCapital Australia clients, noting the possibility of further distribution across the global network as well.

Meanwhile, John Miles, non-executive director of Phillip Securities Australia, a subsidiary of PhillipCapital, will now help oversee operations of the Armytage Micro Cap Activist Fund (MCAF) through his new position as a member of the investment committee.

The funds management joint venture has been seeded with more than $32 million and is earnings accretive for AWAG forthwith.

Through this partnership, AWAG said it will “seek to utilise the corporate services and capabilities of Phillip Capital in its endeavours as an ASX Trading and Clearing participant within the burgeoning Australian financial services industry”.

“AWAG is looking forward to working with the Phillip Capital people for the benefit of both organisations, well into the future,” it said.

This deal follows AWAG’s announcement earlier this month that it has a target of reaching 80–100 authorised representatives by 30 June 2026, currently sitting at 40 across two AFSLs.

The group expects this to come from another 3–4 boutique licensees, with the AWAG board already conducting due diligence on other potential investment opportunities.

At the same time, it announced that it had taken a 20 per cent stake in First Mutual Australia, a financial services group providing AFSL and licensing services, along with practice solutions to its authorised representatives and financial planning businesses.

This continues AWAG's strong pipeline of investments completed since it became ASX-listed in February 2024.
In August, AWAG entered into a joint venture to launch a new wealth management services firm, OneLedger Wealth, following the group entering into an equity partnership scheme (EPS) with OneLedger Group in May, which saw AWAG acquire 20 per cent of the practice.

Notably, the recent venture to launch OneLedger Wealth is standalone from its early dealings with OneLedger, with the new firm operating as a 50 per cent-owned joint venture.