Shaw and Partners set to expand its WA footprint by acquiring Advisory firm DJ Carmichael and committing to 600sqm of premier real estate.

Shaw and Partners has today announced that it will acquire financial advisory and planning firm, DJ Carmichael. The acquisition will afford Shaw and Partners with the opportunity to continue to scale its national footprint by further expanding its existing Perth wealth management business.

DJ Carmichael is a Perth based business that has been in operation for 120+ years and has ~$650m funds under advice. The transaction is expected to close by the end of August 2019, at which time the DJ Carmichael business will be completely rebranded to Shaw and Partners, marking a new beginning for the Company in Western Australia with the addition of a strong national brand and growth strategy to service retail and wholesale clients.

DJ Carmichael clients will significantly benefit from the transaction by gaining access to a greater pool of investment opportunities, premium equities research and leading wealth management solutions. Additionally, Shaw and Partners is in the final stages of signing a new lease in premium office space. This space will service the existing Western Australia Shaw and Partners office and clients along with new DJ Carmichael clients, advisers and staff.

Commenting on the transaction, Shaw and Partners Co-CEO, Earl Evans said: “The Western seaboard is an obvious growth area for us. Securing critical mass in Western Australia will allow us to accelerate our presence, broaden our reach and allow more clients to access Shaw and Partners’ investment capabilities and intellectual capital.” “We are eager to integrate the DJ Carmichael team into our existing Perth infrastructure. We have had an office in Perth for 6+ years and it’s now timely that we focus on expanding it by blending the two operations and adding a local Research and Corporate Advisory capability into the business.”

Co-CEO Allan Zion added, “Our business continues to grow and evolve due to our agile approach, ability to adapt to changing market conditions and our deep expertise in major markets. We are looking forward to continuing to serve our Western Australia based clients and to both broaden and enhance the quality of the DJ Carmichael offering.”

As part of the acquisition, DJ Carmichael CEO, Davide Bosio is set to take on the role of Western Australia State Manager and Director of Corporate Finance under the Shaw and Partners brand. Speaking of the announcement, Davide said: “We are very much looking forward to becoming a part of Shaw and Partners’ formidable growth story. This deal is fantastic for our clients and our staff as it gives us greater distribution and research nationally. We also have an ability to offer one of the strongest wealth management platforms in Australia at a time when the largest financial services firms are turning their backs on clients and many skilled advisers who have provided solid advice over the years. We are incredibly proud of this next stage of our development and evolution. The combination of our firms simply makes sense and I look forward to leading the team through this exciting period.”

The acquisition announcement comes off the back of Shaw and Partners’ recent strategic partnership with Swiss Private Bank, EFG International, pursuant to which EFG acquired 51% of the issued shares in Shaw and Partners for AUD$61.2m.

As partners, EFG and Shaw and Partners have been working together to bring a true globally focussed offering to Shaw and Partners’ clients. Pipeline projects to bolster revenue and profit include the scaling of a Lombard Loans facility, providing clients with access to international equity research and global corporate mandates and plans to leverage EFG’s funds business, specifically the New Capital Funds. Existing DJ Carmichael clients will have access to all these services and more as part of the acquisition strategy, increasing the offering of client solutions across the wealth spectrum.

About Shaw and Partners: Shaw and Partners is one of Australia’s preeminent investment and wealth management firms.

With a national presence and $17 billion of assets under advice, Shaw and Partners offers the intimacy of a boutique investment firm, backed by the resources and scale of a major financial group, EFG International. Within the broader operation, EFG/Shaw and Partners have $200bn assets under advice globally.

Shaw and Partners provides tailored advice and investment solutions, financial planning and corporate advisory services, acting for and on behalf of individuals, institutions, corporates and charities.

About DJ Carmichael: Founded in 1896 in Perth, Western Australia, DJ Carmichael is one of Australia’s oldest stockbroking firms. After more than a century of providing high quality professional financial advice and capital raising services to corporate, institutional and private clients, DJ Carmichael’s record of integrity, corporate governance and compliance has earned it a reputation for excellence.

For further information: Media – Victoria Macarthur-Stanham, Business Development Manager on +61431286375