Wealth managers Ord Minnett and EL & C Baillieu have completed their merger, creating one of the nation’s largest private wealth management firms.
Ord Minnett, which exited IOOF in 2019, said it would continue to expand through the addition of experienced financial advisers which would enable it to continue to deliver advice to clients.
Both firms had a long history with EL&C formed in 1889 and Ord Minnett founded in 1951.
The acquisition of Melbourne-based EL&C was first announced in November 2020 and the two firms were integrated over time.
Ord Minnett state manager – VIC, SA and TAS, Frank Hegerty said: “Both Ord Minnett and EL & C Baillieu had enduring presence in Victoria, but it is the combination of the two businesses that has significantly strengthened Ords’ presence and advisory capabilities.
“We are excited about being able to provide greater coverage of quality financial advice to Victorians and look forward to continuing our long and successful partnership with Victorians for many years to come.”
Chief executive of Ord Minnett, Karl Morris, said: “This merger has significant benefits to investors especially in Victoria with offices not only located in Melbourne but broader outreaches in Mildura, Geelong and Bendigo. This strengthens the accessibility to trusted advice by Victorians to build and protect their wealth now and into the future.”
Ord Minnett head of private wealth, George Deva, said: “The combination of EL & C Baillieu’s heritage and history, high calibre adviser network and established client-base in Victoria further enhances Ord Minnett’s credentials as a highly respected Australian wealth management brand that investors trust with their advisory needs”.
