Clarendon Lawyers is delighted to have advised Escala Partners Ltd (Escala) on joining the network of advisory firms partnered with Focus Financial Partners, LLC (NASDAQ:FOC) (Focus).
Escala is a wealth management business that provides diversified financial services to high net worth individuals, families, foundations and institutional investors.
Escala, which was started in 2013 by a group of former UBS advisers led by Pep Perry and is chaired by former UBS and Citigroup banker Brett Paton, now boasts more than $5bn of assets under management and has offices in Sydney, Melbourne and Perth.
The Focus group’s business is to invest in fiduciary wealth management firms globally, including in USA, Canada, United Kingdom and Australia.
The Clarendons team was led by Managing Director, Tony Symons and Senior Associate Adam Laidlaw, who were assisted by Stephen Dyason.
Mr Symons congratulated Escala and its shareholders on the transaction, stating: “This is a great outcome for both Escala and Focus. The sale offers fantastic benefits for both Focus and the shareholders of Escala. The shareholders have built a market leading wealth management business and this transaction provides them with an opportunity to partially sell-down their interest in the business and partner with a world leader in the financial management space. The Hayne royal commission has shone a spotlight on the need for fiduciary advice, and Escala’s position as an objective and independent advisory firm with an ethos of trusted advice puts it in a strong position to continue to grow the business and its market share in the years ahead.”
Escala were also advised on the transaction by Daniel Allison & Associates. Hall & Wilcox acted as legal adviser to Focus.