Merchant Takes Stake in Ironbark Financial
Merchant Investment Management has taken a stake in Ironbark Financial Group, an Australian wealth management firm with $97 billion in assets. This represents Merchant’s largest investment outside the United States, at $255.9 million.
Merchant joins other investors in Ironbark, including Australian investment company Soul Patts, management, employees and other stakeholders. The firm plans to use the funds to expand its capabilities across wealth management, artificial intelligence, technology and operations, and accelerate its growth strategy.
“We wanted a shareholder with the desire to collaborate with entrepreneurial founder-led firms, similar to our long-standing relationship with Soul Patts,” said Chris Larsen, managing director and executive chair at Ironbark, in a statement.
Ironbark recently announced it would bring its 15 businesses together under a single brand, with three sub-brands, Ironbark Advice, Ironbark Private Wealth and Ironbark Investment Solutions.
The firm also restructured its senior leadership team, with Larsen transitioning from CEO to managing director and executive chair. Justin Greiner was named group CEO, while Brendan Carpenter was named chief operating officer, executive director and deputy chair. Alex Donald is serving as CEO of Ironbark Investment Solutions, and David Stephen is executive director of strategy and growth.
“This investment gives us the capital to execute our Australian growth strategy, create liquidity for shareholders and actively pursue a strong pipeline of strategic acquisitions, making us a partner of choice for businesses looking to be part of our next phase of growth,” Greiner said in a statement.
Merchant has been expanding globally over the last several years, with investments in Brazil, Switzerland and Canada, in addition to Australia. The firm recently appointed Jamie Melville and Eli Glotzer to lead its Australian arm.
Merchant now has more than 125 partner firms in six countries, managing more than $300 billion in assets.
Earlier this year, Merchant took a minority stake in Sowell Management, a registered investment advisor based in North Little Rock, Ark., with more than $6.5 billion in assets under management.
