(2 July 2007 – Australia) Rabobank has acquired boutique advisory business Mondo Financial Pty Ltd in a bid to beef up its financial planning arm, Rabo Financial Advisors Ltd (RFA).Rabobank has also purchased Mondo’s client portfolio, which will boost its funds under management to A$500 million.
Mondo principal advisor David Owen will move to RFA.
Rabobank Australia & New Zealand CEO Bruce Dick said Mondo Financial was a successful operation with experienced staff and advisors and a strong and growing client base specialising in the high net worth market.
“This acquisition will help develop the RFA business further in Sydney through additional resources and by leveraging this expanded business off the Rabobank network, which now includes the new online banking and investment service RaboPlus,” he said.
Rabobank established RFA in 2002 to provide specialist financial advisory services to its rural and regional customer base. The business has grown by more than 30 percent over the past two years.
RFA general manager Colin Williams said the Mondo Financial acquisition gave RFA’s expansion plans a “terrific boost”.
“Alongside opening a branch in WA with two experienced advisors and adding to the resources of a successful NSW team, we are well on our way to achieving our initial goals,” he said.
“We are also in discussions with other businesses similar to Mondo in other states to progressively open new branches across Australia and New Zealand,” he said.
Mondo Financial principal David Owen said Mondo would be rebranded under the RFA moniker but that it would be business as usual for clients.