Sequoia Financial Group has launched a family office to target local and migrant high net worth and ultra-high net worth investors.
The Sequoia Family Office would service investors with investable funds of $5 million to $100 million and would include corporate advisory and compliance, business planning, and bespoke project management.
The business would expand its wealth management business and would be headed by Sophie Chen who had over 10 years of experience in providing services and advice.
In its announcement of the launch to the Australian Securities Exchange (ASX), Sequoia noted that it acquired client books of Macro Investment Advisory and aimed to grow its funds under advice to $2 billion over the next five years.
The acquisition was expected to add over $200,000 to EBITA in the first 12 months of operation.
The purchase consideration of the acquisition was up to $600 million.