Focus Financial says it made another acquisition in Australia.
Their most recent addition is Melbourne-based MEDIQ Financial Services, according to a press release from Focus. Founded in 2010 by Ravi Agarwal — who comes from a family of medical practitioners — MEDIQ was set up to cater to medical professionals and their families, Focus says. MEDIQ now offers tax, accounting, financial planning, insurance, investment management, legal and medical practice advice to clients across Australia, according to the press release.
The deal, the financial terms of which the companies didn’t disclose, is expected to close in the second quarter of 2020, according to Focus.
The recent addition is Focus’ second deal in Australia in the last 12 months, the company says. Focus acquired another Australian firm, Queensland-based Financial Professionals, back in 2017, which was already its second in the country.
“Australia is one of the international markets we are most focused on given the secular trends shaping its wealth management industry,” the company says in the most recent press release. “The Focus model celebrates the boutique nature of our partner firms while providing access to growth capital, succession planning and value-added resources. We believe Focus is uniquely positioned to meet the needs of Australian wealth managers.”
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