St Andrew’s Australia has bought Queensland-based practice Whittaker Macnaught for an undisclosed sum.
The move comes as St Andrew’s plans to make the HBOS Australia wealth and insurance arm a national operation and grow funds under advice.
St Andrew’s managing director John Van Der Wielen said while the company is committed to organic growth, acquisitions would be made for strategic reasons.
“This acquisition significantly increases scale as well as substantially adding to our adviser teams in both volume and breadth of adviser experience,” he said.
“Importantly, it also gives us a presence in Queensland and access to a large client base, allowing us to offer products and services to Queenslanders who are HBOS customers through BankWest.”
Whittaker Macnaught has six offices in Queensland and $1.5 billion in funds under advice.
