Evans and Partners and Merrill Lynch announce their new strategic alliance

Evans and Partners and Bank of America Merrill Lynch have entered into a strategic alliance to deliver enhanced wealth management services to high net worth investors.

Under the terms of the alliance, Merrill Lynch will deliver investment products, including global and local research and its primary deal pipeline, to Australia’s private wealth investor community via the Evans and Partners platform.

“This is an outstanding opportunity to create a new force in wealth management by bringing together Merrill Lynch’s experience and global reach and Evans and Partners’ robust local capabilities and our commitment to developing a superior private client business,” said Mr. David Evans, managing director of Evans and Partners.

Mr Evans said the strategic alliance would not affect Evans and Partners’ status as an independent investment house and there would be no change in management or ownership. Merrill Lynch Wealth Management’s financial advisers and clients will be able to transition to Evans and Partners.

Mr. Craig Drummond, CEO and country head of Bank of America Merrill Lynch, said the strategic alliance was complementary to Bank of America Merrill Lynch’s growth plans for its global banking and markets businesses, including its goal to become a Top Three financial services organization in Australia within five years.

“After a detailed review of our wealth management strategy and in-depth talks with Evans and Partners, we are convinced the strategic alliance will deliver an expanded product and service offering for high net worth investors in a more timely and effective way than if we continued to grow our wealth management business organically,” said Mr Drummond.

“Not only will clients have access to Evans and Partners’ strong domestic product offering and comparable international brokerage and ancillary banking platforms, every effort will be made to ensure that client-adviser relationships, which lie at the heart of all successful wealth management businesses, are maintained.”

The commercial terms of the alliance are confidential and will not be disclosed. Further details of the alliance and transition process will be communicated to clients over the next few days.