Clime completes Madison Financial sale

Clime Investment Management has completed the sale of Madison Financial Group after entering a strategic partnership with Infocus Wealth Management.

The parties previously entered a full form binding sale deed to implement the sale and strategic partnership with the sale completed today, June 28.

Clime said the strong cultural alignment will enable a smooth transition for advisers with minimal disruption to their business, and strategic partnership opportunities for the parties.

The divestment also positions Clime for profit improvement in FY25, with normalised profits of approximately $500,000 and streamlined operations with a focus on funds management and private wealth.

In addition to the sale, Clime also announced the appointment of Michael Baragwanath as a new non-executive director to the board commencing July 1.

Baragwanath is a senior executive and consultant with over 18 years of financial services experience, including roles as a division head, distribution manager, and specialist product manager.

Baragwanath was formerly the head of wealth and remains a partner, corporate advice at TIP Group.

In addition, Baragwanath serves as a responsible manager for several financial services licensees. He was previously responsible manager for Spaceship and has held executive roles at BT.

Clime said his extensive experience includes assisting numerous startups, securing banking licenses, working with Dubai-based technology providers, and creating migration-compliant investment arrangements (such as SIV visas) with partners in Hong Kong and mainland China.

"Mr. Baragwanath's proven strategic advisory skills, and experience in financial product distribution will be an important contributor to the Clime board as we execute our growth initiatives," Clime chair John Abernethy said.