US family office launches advisory service in Australia
US-based firm Asena Family Office has partnered with Giles Wade to launch an Australian-based arm of its business, offering financial advice and asset management services.
Prior to launching in the Australian market, Asena has been a US-based company working almost exclusively with Australian clients who have interests in the US.
The firm has now strategically partnered with boutique investment and tax advisory firm Giles Wade, which has offices in Melbourne and Perth, to launch the new service.
According to Asena, the combined business is Australia’s first globally integrated firm to provide dual US and Australian asset management and advisory services, offering clients the opportunity to produce an investment footprint in both countries.
This offering will be dually regulated by the two countries’ corporate regulators – the US Securities and Exchange Commission (SEC) and ASIC – enabling clients to access investment advice and invest directly in both countries.
Liza Janakievski, Giles Wade chief executive, said: “For 12 years, Giles Wade has provided strategic advice to a broad range of clients, to create and preserve wealth. Becoming part of Asena’s global platform enables us to deliver our clients an innovative approach to cross-border multigenerational wealth creation and preservation.
“We can also offer these services to other advisers who want to provide international access or offer cross-border services to their clients with business interests in the US, or those living and working in the US.”
Peter Nathanial, Asena chairman, remarked that the launch of their Australian arm has been driven by the lasting impacts of the global financial crisis. With international banks facing additional regulatory obstacles, business models have not been able to meet the needs of ultra-high-net-worth families, he believes.
“This resulted in a generational wealth transition away from traditional banks into privately formed family office structures. We think this is the era for a firm that is equipped to meet the global investment and advisory needs of these families,” Nathanial said.
AUTHOR
Jasmine Siljic
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
