Shaw and Partners and European Private Bank EFG Enter into Strategic Equity Partnership News13 Mar 2019

Shaw and Partners and EFG International, a global private banking group headquartered in Zurich, Switzerland, today announced they have entered into a long-term strategic partnership, pursuant to which EFG has acquired 51% of the issued shares in Shaw and Partners for AUD$61.2m. Management and employees of Shaw and Partners will continue to hold 49% (with Co-CEOs Earl Evans and Allan Zion together holding ~25%) of the issued capital. The investment values Shaw and Partners at AUD$120 million.

 

EFG International has US~$130bn assets under management and a market capitalisation of AUD~$2.7bn. The firm has a presence in major financial centres and growth markets, operating across 40+ locations worldwide.

 

As partners, EFG/Shaw and Partners will work together to bring a true globally focussed offering to Shaw and Partners’ clients, jointly pursuing the geographical expansion of their respective footprints.

 

Commenting on the Transaction, Shaw and Partners Co-CEO, Earl Evans said:

“For more than 30 years, Shaw and Partners has sought to provide clients with the highest-quality investment and wealth management products and advice. The introduction of EFG marks the next stage of our evolution as a business. EFG has a deep understanding of our industry and brings significant global and operational experience. With their support, we will be even better equipped to grow the business and enhance the quality of our offerings to Australian retail, high net-worth, corporate and institutional clients.”

 

Allan Zion, Shaw and Partners Co-CEO added “Our affiliation with EFG enables us to work seamlessly on a global basis with a firm focused on the same service quality and values. Supported by EFG, Shaw and Partners brings to the market the best attributes of a local firm with the resources and scale of a major international financial group. As an example EFG have over 200 research analysts that we will now have access to.”

 

Pipeline projects to bolster revenue and profit include the scaling of a Lombard Loans facility, providing clients with access to international equity research and global corporate mandates and plans to leverage EFG’s funds business, specifically the New Capital Funds in an effort to penetrate the Australian pension fund market. Additionally, Shaw and Partners will be working towards a longer-term project of rolling out a private bank offering within Australia.

 

Both parties will leverage their combined expertise and capabilities to provide the highest quality offering and services to their clients and the partnership is expected to deliver significant benefits to clients and employees. EFG Chief Executive Officer, Giorgio Pradelli, said:

“At EFG, we build our footprint across key geographies with a network of strong partners. Today’s announcement of a strategic partnership with Shaw and Partners enhances EFG’s position in the Asian region, ensuring we are better positioned to serve our clients, especially those who want access to the Australian market. Shaw and Partners will leverage EFG’s deep knowledge and extensive product offering to grow their business in this important region. The founders of Shaw and Partners share the approach and values that our clients embrace and we look forward working with each other to strengthen both our businesses in the years to come.”

 

Both firms operate against a backdrop of entrepreneurship adopting a hands-on, solutions driven and client-centric approach. The post-deal ownership structure of Shaw and Partners sees EFG taking a 51% stake, Earl Evans and Allan Zion a 25% aggregated stake, with existing shareholders retaining the remaining 24%.

 

Steve Jacobs, Member of the EFG Board and incoming Chairman of Shaw and Partners Limited said:

“We are excited to partner with Shaw and Partners, a leading wealth management firm with a well-recognised and respected brand, a track record of excellence and a loyal client base. I look forward to working closely with the talented team at Shaw and Partners to support the Company’s long-term strategy and next phase of growth.”

 

Shaw and Partners is being advised by Luminis Partners as financial adviser and Gilbert+Tobin as legal adviser. EFG is being advised by Rothschild & Co as financial adviser and Allen & Overy as legal adviser.

Completion of the deal is expected by early Q4 FY19.

 

For further information:         Media – Victoria Macarthur-Stanham, Business Development Manager on +61431286375                                                

Shaw and Partners is one of Australia’s preeminent investment and wealth management firms with ~ $16 billion of assets under advice. Shaw and Partners has a national presence with offices in Sydney, Melbourne, Brisbane, Canberra, Adelaide and Perth. More information is available at http://www.shawandpartners.com.au

 

EFG International is a global private banking group offering private banking and asset management services and is headquartered in Zurich. EFG International's group of private banking businesses operates in around 40 locations worldwide. EFG’s registered shares (EFGN) are listed on the SIX Swiss Exchange. More information is available at https://www.efginternational.com

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