Australia’s Macquarie Bank and Godfrey Pembroke, a firm of financial advisors, have formed a joint venture wealth management firm to target ...

Australia’s Macquarie Bank and Godfrey Pembroke, a firm of financial advisors, have formed a joint venture wealth management firm to target Australia’s wealthy.

The pair have formed a partnership under Macquarie's new affiliate dealer group, Lachlan Wealth Management, which Macquarie Wealth Management head Jane Watts said was developed by the bank over the past year.

Ms Watts told the Australian press that the affiliate model was widely used in Australia's financial planning industry and tended to attract advisers who wanted to run their own business with the support of a major brand.

Ms Watts said Lachlan Wealth Management provided its partners with an excellent opportunity to leverage off the scale and proven infrastructure of Macquarie Wealth Management.

“The innovative solutions that we offer to the premium end of the advice market allows us to capture that niche in a way very few practices can,” Ms Watts told an Australian newspaper.