The Myer and Baillieu family offices have announced their final structure under a new chief executive to replace both former super fund boss Danielle Press at Myer and lawyer Tim Hammon at Mutual Trust.
Mutual Trust, the home for the Baillieu family money along with its clients, will own 65 per cent of the merged entity and the two Myer company structures the remainder, although both sides have similar funds under management.
When the deal was first announced in early June, Myer said it administered $1.6 billion. Mutual Trust said it had $1.5 billion in liquid assets.
Myer split is investments off from the business side of its family office last year and recruited Press from Equipsuper last year to run the business, under MFCo. John Russell, the chief executive of Myer Family Investments, remains with the merged firm, while Tim Hammon announced last month that he would retire once the deal was consummated.
The family office sector of the investment landscape appears to be becoming increasingly competitive and wealth managers offer a wider range of services than just funds management, including trust and sometimes legal and accounting advice.
The two organisations announced last week that a professional management consultant, Phil Harkness, would run the merged business. He was a partner at EY for five years and before that spent about 11 years at A.T. Kearney.
Gordon Dickinson, the chairman of Mutual Trust, said: “Mutual Trust and the Myer Family Company both have focused on helping families with the challenges of managing wealth and their financial affairs across generations. As a combined entity, client experience will be enhanced and the financial strength of the combined business will benefit all stakeholders.”