In a bid to foster the future growth of its Australasian financial services business, WHK Group has formed a strategic alliance with Macquarie Private Wealth.
Under the partnership, WHK will have access to Macquarie's products, services, resources and expertise to support its financial services offering. However, WHK will remain committed to providing impartial advice to all of its clients.
The partnership will underpin WHK's future growth and further develop the firm's financial services businesses in Australia and New Zealand, WHK managing director Kevin White said.
"This partnership will give us the necessary support and resources to enter our next phase of growth as a leading Australasian financial services company," he said.
The strategic partnership will also see Macquarie provide funds to support WHK's continued growth through a convertible note issue.
Upon full conversion of the notes, Macquarie will be entitled to nominate a director to be appointed to the WHK board.
The deal will give Macquarie the opportunity to become a shareholder of WHK within the next five years.
WHK has a strong operating model and management team, Macquarie Private Wealth division head Peter Coleman said.
"Entering into a strategic partnership with WHK is an attractive opportunity for us due to its strong operating model, strong management team and ability to facilitate future growth," he said.
WHK shares increased by 5.49 per cent yesterday to 86.5 cents.
