Escala’s Sydney power duo defects to rival HNW advice firm

02 Feb 2025

SARAH THOMPSON, KANIKA SOOD AND EMMA RAPAPORT

Two of Melbourne-based Escala Partners’ biggest revenue earners resigned last week and are headed to a rival, Street Talk understands.

Private wealth advisers Tim Merrick and Martin Cowper, partners at the wealth management firm and based in Sydney, informed Escala’s co-chief executive Torty Howard of their plans to leave on Friday. The duo has signed up with rival Asteri Asset Management, home to 49 advisers overseeing $14 billion in client assets.

Merrick and Cowper have worked together for more than a decade, across Deutsche Bank’s now-defunct wealth management business until 2016 and Escala since then. They had managed a $600 million book at Escala. The team also includes associates Logan Tierney and Blake Kingston.

“We look forward to welcoming Tim, Martin and the team to Asteri. As we continue to grow Australia’s largest independent private wealth firm, we are clearly focused on attracting top-tier talent like this team to our firm,” Asteri managing partner Jonathan Harper said when contacted by Street Talk.

Their departure comes at a tumultuous time for Escala, with rivals, including LGT Crestone, the ex-UBS wealth management business that is now owned by the Liechtenstein royal family, steadily picking off advisers from the embattled firm over the past 18 months.

Founding partners Mason Allamby and Stephen Collins were among a group headed for LGT Crestone in December 2023. Another big business writer and founding partner, Paul Sealy, left for Crestone in September that year alongside four other Escala partners, including Jonathan Vickers-Willis, Ben Potter, Matt Gavshon and Will Allen.

Sources have attributed the exodus of talent to an unattractive pay structure compared with rivals, particularly after it sold a stake to NYSE-listed Focus Financial Partners in 2019.

An Escala spokeswoman confirmed the latest departures on Sunday. “Management thanks them for their contributions and wishes them all the best in their future endeavours,” the spokeswoman said.

“Escala is committed to further growing the team to ensure we continue to meet the evolving needs of our clients. Our strong client base, which spans across Australia, is a testament to the enduring strength of our business,” she said.

Over the past year, Escala has fought tooth and nail to stem the outflow of talent and advisers, often without much luck. In November, the firm lost a long-running legal battle to stop Sealey and Vickers‑Willis from jumping ship to LGT Crestone. Earlier in the year, it brought in new contracts for clients, which charged them fees for switching accounts to a rival firm.

Read the article here: AFR – Street Talk

 

Previous

Next

Latest news

What the wealth managers are telling clients about private markets

24 Jun 2026

Data published by industry body the Australian Investment Council indicates $161 billion in Australian funds are invested in private assets, an investment category that includes private equity funds, private credit funds and infrastructure assets. Within these categories are subtypes such as private equity funds. Secondaries hold businesses bought from other private equity funds. Continuation vehicles buy assets, often...

Asteri Asset Management nets US$11.9bn as Australia’s HNWs look beyond Big Four

27 May 2026

Asteri Asset Management has been featured in Asian Private Banker, with the article exploring the continued growth of independent wealth management in Australia and the evolving needs of high-net-worth families. In the interview, Managing Partner Jonathan Harper discusses Asteri’s founding philosophy and the firm’s focus on delivering independent, tailored advice to high-net-worth individuals and for-purpose institutions....

Subscribe to Asteri insights

*Please note that the majority of research Asteri produces and distributes is client-access only. Subscribing to the insights distribution list will only give you access to publicly available Asteri reports.