Grant Thornton divests private wealth business to Oreana
Accounting and consulting firm Grant Thornton has divested its private wealth business to Oreana Group, a Melbourne headquartered investment and wealth management company.
The decision to sell the unit follows pressure from Grant Thornton’s global management team, which is working diligently on ensuring that its member firms avoid potential conflicts of interests. Grant Thornton’s private wealth business advises wealthy entities – business owners, family offices and high net worths – on all aspects of their private wealth including asset management, superannuation and retirement planning.
A spokeswoman of the firm told Australian Financial Review, “Our decision to sell this business was not taken lightly, and is connected with our need to ensure that we comply with national and international independence regulations. Grant Thornton Australia forms part of the Grant Thornton International network and these regulations are of critical importance to us.”
The spokeswoman added, “The sale of this business ensures that the firm is not affected by providing direct or indirect investment recommendations on clients or potential clients.”
Grant Thornton’s partners in Australia – the firm has around 1,200 people working in offices in Adelaide, Brisbane, Cairns, Melbourne, Perth and Sydney – were informed on the decision on Tuesday according to Australian Financial Review, with integration planning kicking off since then.
Grant Thornton’s seniors in its private wealth team – Jon Black, Joanne Kenderes and Laura Peressini – will join Oreana Group, including a number of employees to ensure continuity of client relationships.
Oreana Group operates with an office in Melbourne, and is dedicated to wealth advisory and licensee solutions to retail and institutional clients.
The deal comes a year after Grant Thornton turned to dealmaking itself, bolting-on boutique research & development and tax incentives consultancy Glasshouse Advisory.