Genesys takes stake in Farrow Hughes Mulcahy
Genesys Wealth Advisers has taken a 40 per cent equity position in member firm Farrow Hughes Mulcahy as part of the group’s strategy of investing in practices to fund growth and succession.
The investment was Genesys’ largest to date, taking the group’s total member firm equity investment to more than $20 million as a result of 19 transactions in 12 member firms. Farrow Hughes Mulcahy services over 400 clients advising on funds of more than $300 million.
Genesys Group’s chief executive, Greg Kirk, said their equity model was “unique” in the industry because it allowed firms to access capital without sacrificing their independence. “Our value proposition is to partner with our firms to grow our mutual profitability. By investing in member firms, Genesys partners with firms to provide expertise and advice on growth opportunities as well as helping to fund the acquisition.”
Kirk said their equity model encourages the firms’ principals to explore growth opportunities and to implement a succession strategy.
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