Ord Minnett acquires E.L&C. Baillieu

Ord Minnett, which exited IOOF in 2019, has announced it has entered into an agreement to acquire 100% of E.L&C. Baillieu, a wealth management firm specialising in stockbroking, private wealth management, corporate finance and institutional equities. 

The acquisition of the Melbourne-based company with nine locations across Australia was said to have further strengthened Ord Minnett as one of Australia’s highly respected and largest independent private wealth firms. 

The integration of firms would take place over the next 12 months while clients would continue to receive the same high-quality advice and wealth management services which they have come to expect, the firm said. 

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Also, E.L.&C. Baillieu would continue to operate under its name, although it would now be a wholly-owned subsidiary of Ord Minnett. 

“We felt this acquisition was a strong strategic and cultural fit with Ord Minnett,” Ord’s chief executive and managing director, Karl Morris, said. 

“The combination of E.L.&C. Baillieu’s brand heritage and history, private stockbroking business, its adviser network, its client-base and operational synergies will cement Ords as a respected Australian wealth brand. 

“The scale benefits and self-clearing of the two businesses will allow us to be leaders in financial advice. This new amalgamation can only serve to benefit Australian investors and our clients for many more generations to come. We look forward to working with the E.L.&C. Baillieu team.” 

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Now this will be something interesting to watch along with what is happening in this segment.
How many stockbrokers will get through the FASEA exam?
What about retirements and succession?
Is the stockbroking industry going to contract in 2021 and then, for the most part, do advice to wholesale clients?
Not hearing a lot about re-engineering of businesses. Will they do everything at the last moment late next year?

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