The move comes after Focus said about 19 months ago that it wanted to enter the Australian wealth management market - it already operates in jurisdictions such as the UK.

The firm has acquired a minority stake in MW Lomax Group. MW Lomax subsequently acquired another Aussie advisory business, the Brisbane-based Westwood Group (source: International Investment, 27 November).

Reports said Focus Financial Partners did not give financial details of how much its acquisition cost.

“Financial Professionals will maintain our operational autonomy while benefiting from the synergies, scale, economics and best practices of a market leader,” Financial Professionals said on its website.