NEW YORK, USA - EQS Newswire - February 18, 2020 - Focus Financial Partners Inc. ("Focus"), a leading partnership of fiduciary wealth management firms, today announced that it has entered into a definitive agreement for MEDIQ Financial Services ("MEDIQ"), an integrated wealth management firm headquartered in Melbourne, to join the Focus partnership. The addition of MEDIQ reflects continued momentum in the expansion of Focus' international footprint. The transaction is expected to close in the second quarter of 2020, subject to regulatory approval and other customary closing conditions.
MEDIQ was founded by Ravi Agarwal in 2010. Coming from a family of medical practitioners, Mr. Agarwal used his expertise to create a unique service offering that addresses the complex needs of medical professionals and their families. MEDIQ employs a full-service model that delivers trusted advice via a team-based, holistic approach to financial management. The firm offers tax, accounting, financial planning, insurance, investment management, legal and medical practice advisory to clients across Australia.
MEDIQ has built a leading reputation, not only in the Australian medical community but across the country's wealth management sector. MEDIQ has received industry recognition for its unique value proposition, quality of advice and service delivery. It has been the recipient of numerous industry awards, including the 2018 Barron's Top 50 Advisors list, the 2017 AFA Practice of the Year and numerous IFA Excellence Awards.
In conjunction with the transaction, MEDIQ will expand its leadership team by adding two new partners - Mina Andrawis and Paul Pun - who will respectively lead the Wealth & Legal and Accounting & Taxation teams.
"At MEDIQ, we strive to offer our clients with the best possible financial advice that we can provide," said Ravi Agarwal. "To achieve this goal, we have built a collaborative team of specialists who deliver an integrated service offering. Focus has impressed us with the caliber of its team and partners, and its successful track record in helping wealth management firms accelerate their growth through access to value-added resources, best practices and capital. We look forward to leveraging Focus' scale and expertise as we continue our journey of growth and strengthening our client relationships."
"We are delighted that MEDIQ will be joining the Focus partnership," said Rudy Adolf, Founder, CEO 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. Expanding our international presence is an important component of our growth strategy and a source of further diversification."
"I would like to extend a warm welcome to Ravi and the entire MEDIQ team," added Rajini Kodialam, Co-Founder and Chief Operating Officer of Focus. "MEDIQ's commitment to client-focused, personalized service and the entrepreneurial drive and expertise of its management team are noteworthy and distinctive. We believe that MEDIQ is uniquely positioned in the Australian wealth management market and will benefit from our scale and resources to grow their business.
Australia is one of the international markets we are most focused on given the secular trends shaping its wealth management industry. 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. This is our second transaction in Australia within twelve months. It highlights our continued commitment to the country, while supporting our partners' growth and enhancing their client value proposition through Focus business and client solutions."
Cautionary Statement Concerning Forward-Looking Statements
This release contains certain forward-looking statements that reflect Focus' current views with respect to certain current and future events. These forward-looking statements are and will be, subject to many risks, uncertainties and factors relating to Focus' operations and business environment which may cause future events to be materially different from these forward-looking statements or anything implied therein. Any forward-looking statements in this release are based upon information available to Focus on the date of this release. Focus does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could affect Focus may be found in Focus' filings with the Securities and Exchange Commission.
Authors: Media Outreach