Middle market specialists merge
Middle market accounting and advice specialists, Pitcher Partners Sydney and Moore Stephens, will merge later this year.
The two Sydney-based firms will official merge their practices from 31 October 2015, in a move that will see the group target revenues of $48 million for the 2016 financial year.
Current Moore Stephens managing director, Rob Southwell, has been named as the combined firm's managing director, who described the merger as "a game-changing event in the Sydney accounting space".
"This is a fantastic opportunity for our two firms and the benefits to our staff and clients will be significant," he said.
Pitcher Partners Sydney managing partner, Carl Millington, said the firm had been looking for a partner in the city for some time, but stressed that "the importance of cultural alignment and a shared vision are paramount - rather than growth for growth's sake".
While Pitcher Partners Association national chairman, Don Rankin, said the merger between the two firms in Sydney would strengthen its position in the market.
"The greater size and strength we will now have in Sydney will improve our competitiveness and provide a platform for growth," Rankin said.
"It will provide clients with a quality Australian firm with enormous depth that is focuses on the middle market."
AUTHOR
Nicholas O'Donoghue
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
