13 hours ago
- Business
- AU Financial Review
Escala Partners' PE owners succeed in ending staff's 51pc interest
Ultra-wealth advice business Escala Partners' private-equity-backed owner has succeeded in getting up a vote to end staff's 51 per cent commercial interest, a vestige of its aquisition six years ago.
Sources said Escala staff on Monday voted in favour of dissolving 2nd Chapter Pty, a staff-owned entity that holds the right to collect roughly half of the Melbourne-based business' revenue. The structure has been in place since 2019 when Escala was acquired by New York's Focus Financial Partners, and had ensured its top rainmakers got a slice of the revenues in perpetuity.
