Australian financial adviser network WT Financial Group (WTL) has formed a 50/50 joint venture (JV) with Merchant Wealth Partners, the Australian subsidiary of New York-based Merchant Wealth Partners.
The collaboration, operating under the name WTL & MWP Investco, aims to offer growth capital to “high-potential” financial advice practices across Australia.
Investco will take non-controlling interests in these practices, providing them with long-term “patient capital,” a move that sets it apart from traditional private equity’s time-limited investments.
WTL founder and CEO Keith Cullen has been named the managing director of Investco, with Merchant partner David Haintz holding the role of executive director.
Cullen said: “This JV heralds a new era for WTL and for the profession. By combining our extensive national network and deep local knowledge with Merchant’s…
