Focus Financial Partners is expanding its global footprint to Australia through its acquisition of Melbourne-based Mediq Financial Services.
Founded in 2010, Mediq has developed a niche practice serving members of the medical community, but it also works with the country’s broader community of individual investors.
A Focus Financial representative declined to comment beyond the press release and would not disclose Mediq’s total assets under advisement. But the announcement said the advisory firm has been the recipient of numerous industry awards, including the 2018 Barron’s Top 50 Advisers list and the 2017 Association of Financial Advisers Practice of the Year.
“We are delighted that Mediq will be joining the Focus partnership,” said founder, chief executive and chairman of Focus.
“Mediq will expand our Australian presence and add a specialist partner whose unique value proposition will enable it to capitalize on opportunities in an attractive and growing market,” he said in a statement. “Expanding our international presence is an important component of our growth strategy and a source of further diversification.”
Details of the transaction were not disclosed. The deal is expected to close in the second quarter.