How much Shaw paid for a majority stake in ISG

Australia-based Shaw and Partners will pay $67.5 million for 75% of Investment Services Group (ISG), which owns the Devon Funds, JMI Wealth, Select Wealth, Clarity Funds and TAHITO brands in the wealth management space, chair Paul Glass confirmed.

Shaw is owned by Swiss-based private bank EFG International and the transaction is conditional on the approval of the Swiss Financial Markets Supervisory Authority (FINMA), but is expected to settle on July 1.

Glass, who currently owns nearly 48% of ISG, says each of the current shareholders is selling 75% of their holdings and that the transaction includes requirements for the current senior executives to continue working in the business.

“We enjoy working together and we wanted to keep doing that,” Glass says.