Sequoia moves into family office
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.
Recommended for you
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
Financial advisers can now access Vanguard’s diversified managed account strategies on HUB24 and Netwealth, marking a “significant expansion” through new distribution channels.
The heads of two financial advice licensees have joined the board of the Financial Services Council as it looks to deepen its engagement with the space and strengthen its representation.