Ord Minnett (Ords), a leading Australian wealth management group, and E.L. & C. Baillieu, a prominent Australian owned wealth management firm, specialising in stockbroking, private wealth management, corporate finance, institutional equities and in philanthropic services, announced today, that they have entered into an agreement for Ord Minnett to acquire 100% of E.L. & C. Baillieu.
The purchase of E.L. & C. Baillieu, with nine locations around Australia including Melbourne as its head office, is a highly welcomed strategic move, further strengthening Ord Minnett as one of Australia's highly respected and largest independent private wealth firms.
"We felt this acquisition was a strong strategic and cultural fit with Ord Minnett. The combination of E.L. & C. Baillieu's brand heritage and history, private stockbroking business, its adviser network, its client-base and operational synergies will cement Ords as a respected Australian wealth brand. The scale benefits and self-clearing of the two businesses will allow us to be leaders in financial advice. This new amalgamation can only serve to benefit Australian investors and our clients for many more generations to come. We look forward to working with the E.L. & C. Baillieu team." said Karl Morris, CEO & Managing Director of Ords.
Jo Dawson, Chair of E.L. & C. Baillieu said, "After running an independent and very successful process which started in June this year, we are delighted to announce the shareholders of E.L. & C. Baillieu have overwhelmingly voted in favour of a transaction with Ord Minnett. The transaction will bring together two of Australia's longest standing stockbroking firms, and provide many exciting opportunities for our clients and staff. Having received strong interest from the stockbroking community, Ord Minnett were determined to be the perfect fit for our business and I believe that the combination of the two firms will position E.L. & C. Baillieu well for the structural changes transforming our industry. Our advisers and staff are looking forward to what will be an exciting time ahead."
"The integration of both firms will take place over the next 12 months. Our clients will continue to receive the same high-quality advice and wealth management services which they have come to expect," stated George Deva, Head of Private Wealth.
E.L. & C. Baillieu will continue to operate under its name, although will now be a wholly owned subsidiary of Ord Minnett.
E.L. & C. Baillieu were advised by Deloitte Corporate Finance and King & Wood Mallesons and Ord Minnett were advised by InterFinancial Corporate Finance and McCullough Robertson.
About E.L. & C. Baillieu
E.L. & C. Baillieu first commenced in 1889, some five years after the formation of the Stock Exchange of Melbourne. The partnership of E.L. & C. Baillieu traded for almost 100 years until 1986 when the partnership was succeeded by E.L. & C. Baillieu Limited.
E.L. & C. Baillieu today provides stockbroking and wealth management services across private wealth, corporate finance, institutional equities and philanthropy.
