M and A

New Australian Wealth Advisor Set Up With Merger

Contributing Editor 18 October 2005

New Australian Wealth Advisor Set Up With Merger

Australian wealth managers Berkley Group and Centrestone Wealth Advisers have merged to form CENTRIC Wealth. The new company will be ch...

Australian wealth managers Berkley Group and Centrestone Wealth Advisers have merged to form CENTRIC Wealth. The new company will be chaired by Lucy Turnbell, who told the Australian press, that CENTRIC Wealth is an attempt to champion independence against what Ms Turnbull says is a “tide” of institutional ownership among advisor groups. “We will focus on client service, not product distribution,” said Ms Turnbull. The company will seek to maintain the existing client bases of both organisations, each bringing A$1.5 billion ($1.1 billion) in assets under management to the merger. The company will continue the focus on high net worth individuals and aims to become the highest assets under advice group in the financial services industry, but with the lowest number of clients. The group will retain 30 advisors, with 38 authorised dealers, and will be headed by chief executive Michael Pillemer, formerly of Centrestone and Glen Castensen, formerly of Berkley.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes