Emigrant Partners agreed to buy a minority stake in Koda Capital, an Australian independent financial advice firm with $6.8 billion in client assets.
Financial terms weren’t disclosed.
Emigrant Partners, wholly owned by Emigrant Bank, said in a press release that Koda's partners will continue to own 80% of the economics of the business.
The minority stake in Koda marks Emigrant's first direct partnership outside of the U.S., the firm said. Koda, established in 2014, caters to high-net-worth clients; it has 39 partners and 28 advisers.
Emigrant said its investment will support the next phase of Koda's growth by providing growth capital to support Koda's acquisition of small-scale, high-quality financial advice businesses aligned to Koda's values as well as funding structures for equity recycling to support new equity partners joining the firm.
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