Two prominent Australian family office businesses have signed a conditional heads of agreement to combine operations.
Subject to regulatory approvals, Mutual Trust and Myer Family Company (MFCo) will merge, with Myer Family Investments (MFI) owning 35% of the new entity, which will retain the Mutual Trust name. MFI will appoint three of its own representatives to the Mutual Trust board and Gordon Dickinson will continue as chair.
Dickson said: "Mutual Trust and MFCo both have focused on helping families with the challenges of managing wealth and their financial affairs across generations."
"As a combined entity, client experience will be enhanced and the financial strength of the combined business will benefit all stakeholders," he said.
MFI chair Sidney Myer added: "Myer Family Investments is delighted at the prospect of the Myer Family Company joining forces with Mutual Trust.
"Both organisations have a strong heritage, are culturally aligned and together they offer the prospect of a unique and compelling offer to clients."