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A mid-tier firm has announced the acquisition of a Sydney-based boutique practice as demand from private wealth and high-net-worth clients soars amid COVID-19.
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Mid-tier announces Sydney acquisition
02 September 2020
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BDO has announced the acquisition of boutique business services and financial planning advisory firm DBW Group.
The acquisition will see DBW Group directors Matthew Duggan and Elina McKerrell join BDO’s Sydney office as partners.
The North Sydney-based firm’s 11 staff members will also join BDO.
BDO business services partner Andres Reith said the acquisition was a reflection of the firm’s response to the needs of its clients in the current economic environment.
“The disruption to the economy we’re seeing as a result of the COVID-19 pandemic has seen increased demand from family businesses, corporate and private wealth and high-net-worth clients,” Mr Reith said.
“The acquisition of DBW Group cements our position in these markets and allows BDO to be uniquely placed to attract and service a range of clients that are profitable, growing and going places.
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“Businesses are finding it harder to survive and thrive in an environment that is impacted by technology changes, globalisation, regulation and the fallout of the pandemic. They are looking for trusted advisers who have the technical knowledge with a personal approach.”
DBW Group’s Mr Duggan said the move would allow clients to gain access to a wider range of services, including BDO audit, tax and advisory specialists.
“BDO has the right cultural fit for our team and a reputation for engaging proactively with clients to provide technical advice with practical solutions,” Mr Duggan said.
“The DBW team are looking forward to joining the fastest-growing mid-tier firm in Australia. We bring a unique set of skills and experience which have been solidified in the family business, private wealth and high-net-worth sectors of the market.
“Joining a larger firm that encompasses a wider range of professional services, we will be in a much stronger position to find new growth opportunities for our existing clients.”
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