Grant Thornton Australia has sold its private wealth business to its senior team members.
The small private wealth team consists of Jon Black, Joanne Kenderes and Laura Perresini. They are the majority owners of Oreana Private, aligned with dealer group Oreana Financial Group.
Oreana provides services in Australia and Hong Kong.
Following the sale, Black, Kenderes and Perresini will be joined by several Grant Thornton employees.
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"The Private Wealth team provides specialist wealth advisory services to high-net-worth individuals and family offices," a spokesperson for Grant Thornton said.
"Our decision to sell this business was not taken lightly and is connected with our need to ensure that we comply with national and international independence regulations."
Grant Thornton Australia forms part of the Grant Thornton International network and the spokesperson added that these regulations are of critical importance for the Australian arm to comply with.
"The sale of this business ensures that the firm is not affected by providing direct or indirect investment recommendations on clients or potential clients," Grant Thornton said.
"As a standalone business, the Private Wealth team will be able to focus all of their resources and priorities on providing the highest level of support to clients while meeting any additional requirements and regulations."
Clients of the private wealth team will be able to continue their relationships with the same employees and Grant Thornton said they can expect to receive the same level of service.
Oreana will use Grant Thornton for other services.
"We look forward to working closely with the team into the future," Grant Thornton said.