Melbourne-based wealth management firm MEDIQ Financial Services has become the latest firm to join the Focus Financial Partners partnership as Focus steps up its presence in Australia.
The move would boost US-based Focus’ international footprint and the transaction was expected to be completed in the second quarter of 2020, subject to regulatory approval. Focus currently had four partners in Australia, part of 60 partners firms globally.
MEDIQ was founded in 2010 and specialised in services for medical professionals and their families, employing a full-service model including tax, accountancy, financial planning and insurance.
In line with the move, it would expand its leadership team with two new partners to lead the Wealth & Legal and Accounting & Taxation teams in Mina Andrawis and Paul Pun.
Rajini Kodialam, co-founder of Focus, said: “Australia is one of the international markets we are most focused on given the secular trends shaping its wealth management industry. We believe Focus is uniquely positioned to meet the needs of Australian wealth managers.
“This is our second transaction in Australia within twelve months. It highlights our continued commitment to the country, while supporting our partners' growth and enhancing their client value proposition through Focus business and client solutions.”
Ravi Atgarwal, founder of MEDIQ, said: “Focus has impressed us with the caliber of its team and partners, and its successful track record in helping wealth management firms accelerate their growth through access to value-added resources, best practices and capital. We look forward to leveraging Focus' scale and expertise as we continue our journey of growth and strengthening our client relationships.”