Portfolio Managers an ‘ideal cultural fit’ for Paradigm
Paradigm Wealth Management has almost doubled its funds under management to $350 million following its acquisition of Portfolio Managers.
Paradigm managing director and senior financial adviser, Patrick Nalty said the deal, which was announced yesterday, would deliver greater scale and drive back office efficiencies.
Nalty described the acquisition of Portfolio Managers as an "ideal cultural fit" for Paradigm, and said the recruitment of Portfolio Managers' advisers, Brett Davis, Paul Hewins and David Perez, highlighted the group's desire to recruit quality advisers.
"In order to have meaningful scale, we need to continue attracting experienced advisers," Nalty said.
"We're not a dealer group. We have a compelling salaried adviser model with the resources and infrastructure to properly support advisers and accountants.
"The Portfolio Managers acquisition and integration has been very successful, so we're open to talking to other businesses with the right cultural fit."
Nalty also revealed that as part of the acquisition, clients of Portfolio Managers would be offered the opportunity to migrate to Paradigm's Managed Discretionary Account (MDA) service, an actively managed private investment service which has over $100 million under management.
However, he said "an MDA isn't suitable for every client, but for investors with over $250,000 in investible assets, it allows us to build a tailored portfolio of assets including direct equities, bonds, managed funds, property and cash".
"For clients with lower account balances, a wrap account may be more suitable," he said.
AUTHOR
Nicholas O'Donoghue
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