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The Sydney branch has revealed it is selling various operational aspects of its wealth management practice to long-standing adviser, Charlie Viola.
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Pitcher Partners Sydney announces sale deal to facilitate growth
30 September 2024
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Pitcher Partners Sydney announced Charlie Viola, an experienced adviser, would purchase various operational aspects of the firm’s wealth management practice.
With the purchase, Viola would be set to launch a new wealth management firm, said Pitcher Partners.
Viola currently runs an existing practice which would continue business under the rebranded name of Viola Private Wealth.
According to Viola, the “new chapter” of the business would focus on UHNW individuals and families.
Pitcher Partners managing partner Adam Irwin said the transition would be smooth with no disruptions for Pitcher Partners and Viola’s existing clients.
“Charlie is an amazing operator and he has wanted to shape his own destiny for some time,” he said.
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“This is an opportunity for him to build on his client book, but it is also an opportunity for our wealth management team to refocus our services on the needs of a broader group of individuals and families, including the affluence of clients across our PBFA service.”
Viola has ranked in the top 10 Australian financial advisers for Barrons in five of the past six years.
In the establishment of Viola’s new firm, Sean Ward would join him as CEO and Andrew Levi as COO.
Viola said along with Ward and Levi, the group would aim to establish a wealth management firm built on the commitment to safeguarding the wealth of clients.
Pitcher Partners revealed the deal would facilitate the opportunity to grow its wealth practice for HNW individuals and align the service with its growing private business and family advisory practice.
The company said the new wealth practice would be called Pitcher Partners Sydney Private Wealth and start with more than $1.2 billion in funds under management.
It would be led by existing partners Martin Fowler and Jordan Kennedy as well as principal Andrew Wilson.
Irwin said the relationship between the new Pitcher Partners practice and Viola’s practice would remain close as 40 per cent of Viola’s clients also receive accounting, tax planning and other services from Pitcher Partners.
“Our wealth practice will be focused on continuing to deliver great planning, investment and advisory services as well as connecting with a broader group of Pitcher Partners clients to demonstrate the value of professional wealth management,” Irwin said.
“The two firms are committed to providing continuity for clients and seamless delivery of not only wealth advisory services but regular accounting, tax planning and business services from Pitcher Partners.”
Irwin and Viola noted they would be working together to communicate any changes over the coming weeks and look forward to both firms continuing to build, protect and preserve the wealth of their respective clients.
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