Portfolio Managers’ SMSF and high-net-worth specialisation make the firm an “ideal cultural fit”, said Paradigm managing director Patrick Nalty, adding that he anticipates “a substantial portion [of the Portfolio Managers client base] will migrate across to Paradigm’s MDA service in the next 12-18 months”.

Mr Nalty said acquisition is an important part of the group’s strategy to drive FUM in its MDA product, while also seeking to maintain a boutique culture.

“In order to achieve meaningful scale, we need to continue attracting experienced advisers,” he said.

“We’re not a dealer group. We have a compelling salaried adviser model with the resources and infrastructure to properly support advisers and accountants.”