One of Adelaide’s best-known stockbroking firms sold
A leading SA stockbroking firm that manages $700 million in funds is merging with an interstate company – with plans to take its 40-year legacy global.
Adelaide’s Baker Young has been acquired for an undisclosed sum by Sydney-based private wealth manager Capital Haus, with plans to take the local brand to a national and global client base.
Under the deal, the Baker Young brand will be retained under the new Capital Haus Group with senior principals and founders Alan Young and David Baker remaining in active advisory roles.
Capital Haus will move its clients into ‘Baker Young, a Capital Haus company brand’, its new flagship offering.
The Sydney-based firm – founded by CEO Brendan Gow in 2019 as an exclusive wealth management firm – has offices in Dubai and Zurich and has recently made acquisitions in Townsville and Bateman’s Bay.
Baker Young serves more than 6000 clients and manages $700 million in funds. As such, Capital Haus will manage more than $1 billion in funds once the companies are combined.
You might like
For Baker Young, it follows a failed takeover of the company earlier this year by ASX-listed Equity Story Group for $4.2 million. That deal failed to launch after conditions precedent for the completion of the transaction were not satisfied by September 30, Equity Story said.
Speaking to InDaily, Baker Young founder Alan Young said the “architecture of the deal is very much the same” as the Equity Story transaction.
“In fact, in some respects better,” he said.
For Young – also chairman of InDaily owner Solstice Media – the transaction was about the “right succession plan”.
Stay informed, daily
“For 40 years, our focus has been simple and that’s putting the clients first and building the relationships that span generations,” he said.
“We’re planning for the long term, for our clients and for our team and the brand.
“From the client’s perspective, we as founders remain sort of fully involved and committed but we’re not going to live forever and we’ve got less runway in front of us as founders than behind us.”
He said Capital Haus would “elevate the service while staying true to our roots”.
“It will provide strength and stability for the clients and for the team.”
All of the Baker Young team will be retained under the transaction, with the Capital Haus team growing to 41 members.
Gow said Baker Young “has been a cornerstone of South Australia’s advice community for four decades, built on deep relationships and trust”.
“We feel privileged to be the next custodian of that legacy,” Gow said.
“By moving our existing client base across to the Baker Young brand, as well as launching the new Baker Young Private service, this deal represents more than just a passing-the-torch moment. We’re combining heritage and innovation to set a new standard for financial advice at a time when the industry needs it most.”
