October 18th, 2021 (Sydney): FinClear, the Australian financial services and technology company, today announced that it has agreed a new five-year contract to provide third-party clearing services to Australian wealth management group Ord Minnett.
FinClear CEO David Ferrall said the deal, which encompasses both the current Ord Minnett business and the recently merged EL&C Baillieu, was a testament to FinClear’s client-friendly business model and a great endorsement for the group following the recent merger with Pershing Australia.
“When we bought the Pershing business we understood Ord Minnett were well advanced with plans to move to self-clearing,” he said. “I’m so delighted that after extensive discussions and due diligence with us, they have instead decided to stay. Ords is a mainstay of the Australian wealth management landscape and we look forward to serving them.”
Ord Minnett CEO, Karl Morris AO, said FinClear’s ability to work flexibly with the firm had been key to the decision.
“The FinClear team has been very approachable, and I was impressed with their determination to go the extra mile and deliver what was required to retain our business,” he said. “We believe FinClear will be an excellent fit for us going forward.”
The deal will see both firms working closely to integrate FinClear into Ord Minnett’s workflows, including bringing EL&C Baillieu specialist staff across to the FinClear team.
“We’re very excited to have the opportunity to access some of this country’s top operational talent as part of this partnership,” Ferrall said.
Established in 2015, FinClear offers a range of financial services technology solutions to clients from boutique financial advice practices to Australia’s largest banks. The company counts among its investors Magellan Financial Group and leading VC firm King River Capital, and acquired Pershing Australia in June 2021.