WT Financial Group (ASX:WTL) partnered with Merchant Wealth Partners, the Australian subsidiary of US-based Merchant Wealth Partners, to form a joint venture to invest in Australian financial advice practices, according to a Monday filing with the Australian bourse.
The company and Merchant Wealth Partners formed a new entity, WTL & MWP Investco, to offer strategic growth capital to high-potential financial advice practices in Australia, the filing said.
Under the joint venture, each party holds 50% of ordinary shares in WTL & MWP Investco, with redeemable preference shares issued based on each party's future capital contributions, per the filing.
Shares fell 4% in afternoon trade Monday.
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