Ironbark bolsters wealth business with family office acquisition
Ironbark Investment Partners has acquired a Sydney-based family office business as it looks to double down on the delivery of high-net-worth (HNW) advice.
The diversified financial services firm has purchased Mercury Private, a boutique wealth management firm specialising in HNW individuals and family offices.
Mercury was established in 2015 and is led by principal adviser and founder, Tim Eustace, with $1.3 billion in assets under management. Its services include investment advice, asset protection, tax structuring, succession, estate planning and philanthropy, with a focus on clients from the medical, dental and legal professions.
Jason Harwood, head of Ironbark’s private wealth business, said the acquisition reflects a step forward as Ironbark seeks to build a trusted, national HNW advice business.
“Mercury has a reputation for comprehensive service and advice, and an experienced, longstanding team that has looked after their clients for many years,” Harwood commented.
“Ironbark’s vision is to be the trusted partner for holistic advice and investment solutions and Mercury’s philosophy of deep understanding of clients’ goals, combined with personalised strategies, aligns with that vision.”
Eustace said that following a strategic review, Mercury Private felt it needed a new partner who sought to invest in the HNW space and bring fresh leadership to the business.
“While we saw many worthy potential capital partners, Ironbark was the clear standout. Ironbark is led by industry experts and, unlike others, is backed by permanent capital so they are focused on building a long-term business,” the founder explained.
“Our philosophy is to develop long-term relationships of enduring quality with our clients. And we do this through our people who all share a passion for delivering the highest level of professional service. Ironbark shares this passion, and our team is excited to play a part in the ongoing evolution of the Ironbark Private Wealth business.”
Ironbark was founded in 2009 and has grown to hold $83 billion in funds under management (FUM), trusteeship and advice, as of 31 January 2025. With over 400 people across 35 locations in Australia, it provides holistic advice and investment solutions to a range of retail, wholesale and institutional clients.
In September 2023, it was announced that Ironbark and national advice firm Invest Blue planned to merge to create one of Australia’s largest diversified financial services firms.
At the time, it was stated the deal would create a merged entity of $64 billion in FUM, trusteeship and advice.
David Stephen, Invest Blue’s managing director, told Money Management in November 2023 that the two firms would retain their individual brand identities and operate as separate wholly owned and fully integrated businesses.
“The concept of the merger was always to come together under what we call a ‘house of brands’. Invest Blue continues to run independently under my watch, and the Ironbark team stays in place and runs their businesses under Chris Larsen as CEO,” he said at the time.
“That was the original conversation between Chris and I: Let’s come together to pull capital and resources that enable us to achieve scale, but let’s keep all of the things that make us who we are and each individual business what it is today.”
AUTHOR
Jasmine Siljic
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