Cooper Grace Ward has advised Sequoia Financial Group (Sequoia), an ASX-listed financial services group, on the acquisition of Yellow Brick Road Holdings’ (YBR) wealth management business.
Sequoia and YBR also entered into a referral arrangement, where Sequoia will act as the preferred referral partner of wealth advice and services for YBR’s mortgage broking network. In return, YBR will become the preferred referral partner of mortgage origination advice and services to Sequoia.
Sequoia’s chief executive officer Garry Crole said: “From Sequoia’s perspective, this gives us the opportunity to significantly enhance our core existing advisory and wealth management business, whilst providing our advisers with expert solutions for their clients’ mortgage needs.”
“We were delighted to work with the Cooper Grace Ward team on this strategically significant transaction.”
The Cooper Grace Ward team was led by partner Andrew Corkhill with support from associate Adelaide Hayes and lawyer David Lee Lewes.
“Our role on this transaction follows our work late last year advising Sequoia on its acquisition of Libertas Financial Planning,” said Cooper Grace Ward partner Andrew Corkhill. “This latest acquisition underscores the ongoing consolidation in the wealth management sector as participants adjust to the new regulatory landscape following the Hayne Royal Commission.”
Barwon Advisory acted as corporate adviser to Sequoia on the transaction.