Focus Financial Partners, a partnership of wealth management firms, has expanded its footprint in Australia with the acquisition of wealth manager MEDIQ Financial Services, which focuses on serving medical professionals.

Set up in 2010, MEDIQ provides medical practice advisory, tax, accounting, financial planning, insurance, investment management, and legal services. The business is headquartered in Melbourne.

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Focus will absorb MEDIQ employees, including its founder Ravi Agarwal, upon deal completion in the second quarter of 2020.

The deal, whose financial terms were not revealed, awaits regulatory nod.

At the same time, MEDIQ announced the appointment of Mina Andrawis and Paul Pun as partners. The pair will be in charge of the Wealth & Legal and Accounting & Taxation teams, respectively.

Focus co-founder and COO Rajini Kodialam said: “MEDIQ’s commitment to client-focused, personalised service and the entrepreneurial drive and expertise of its management team are noteworthy and distinctive. We believe that MEDIQ is uniquely positioned in the Australian wealth management market and will benefit from our scale and resources to grow their business.

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“Australia is one of the international markets we are most focused on given the secular trends shaping its wealth management industry.”

Focus founder, CEO and chairman Rudy Adolf also welcomed the deal, saying that increasing its international reach is a significant component of its growth plan and a “source of further diversification”.

Other Australian firms that joined Focus’ network include Escala Partners as well as Financial Professionals.