Departures from Pitcher Partners to spawn new Melbourne-based boutique advisory firm.
Another boutique advisory firm is set to open its doors in Melbourne later this year, led by a trio of senior employees that exited Pitcher Partners Investment Services.
Street Talk understands Pitcher’s research and training director Andrew Aylward decamped from the firm in late December at the same time as advisers Brendan Fahy and Simon Briggs.
The trio have started the process to gain a financial services license and want to be up and running in the second half of the year.
The departures of the long-standing employees came as a blow to Pitcher’s Melbourne office, which is said to have already started the process to hire a new head of research.
Fahy had clocked up more than 15 years, Briggs 14 and Aylward about six. Their new boutique – which will focus on high net wealth and so-called aspirational clients -will join the likes of Melbourne-based firms Yarra Wealth and Escala Partners.
There were nine advisers in the Pitcher Melbourne team prior to the exits.The firm is understood to be promoting two associate advisers and also splitting oversight of Fahy’s and Briggs’ portfolio between another adviser and several partners.
Pitcher Partners Investment Services in Melbourne manages $2.9 billion in funds and has made a push into the smaller end of the institutional market. It is the investment advisory arm of the accounting, assurance and broader advisory practice of Pitcher Partners.
Elsewhere in the advisory market, Macquarie Private Wealth has lost another two long-standing advisers from its Brisbane office.
Senior advisers Dougal Henderson and Paul Richardson parted ways with Macquarie, with the latter said to be headed to Ord Minnett. Richardson joined the silver doughnut almost 22 years ago.Their exits follow the departure of Macquarie’s Rod Graham, who was one of the first in the bank’s Brisbane office, along with two other advisers. Macquarie’s private wealth arm is, however, said to be hiring in other areas.
Article originally written by Jessica Shapiro from Fairfax Media. Read more: https://www.afr.com/street-talk/pitcher-partners-departures-spawn-new-boutique-20170109-gtny6v