WGI buys London Partners' client book
Advice firm Wright Global Investments (WGI) has bought the client book of failed Melbourne advice firm London Partners.
London Partners was placed in receivership by Macquarie Bank in July this year, allegedly owing the bank $3 million.
The book of $120 million in funds under management will be managed by boutique investment manager Beulah Capital, which is an authorised representative of WGI.
WGI chief executive Mark Schroeder said WGI had been selected from a list of 129 groups that had initially responded to a tender by receiver Pitcher Partners.
Schroeder said the client book had been purchased “with an initial payment to the receiver and a series of staged payments over the next 12 months”.
“An arrangement had been made with the receiver to offer the London Partners' clients a better service than they have received in the past,” he said.
AUTHOR
Mike Taylor
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