Mutual Trust expands family office footprint with acquisitions of DELCOR and LiquidGold Consultants

Australia’s largest multi-family office Mutual Trust, founded more than a century ago by the Baillieu family, is shoring up its operations nationally through acquisitions in Victoria and Queensland, along with promotions internally, one of which is aimed at growing its base in Western Australia.

Mutual Trust has acquired Melbourne-based family office services provider DELCOR and Brisbane-based specialist family enterprise consultancy LiquidGold Consultants in separate transactions, adding to a strengthened presence in South Australia last year through a merger with CMS Private Advisory.

The acquisition of LiquidGold Consultants, led by Susanne Bransgrove, is part of a concentrated focus by Mutual Trust to provide Australia-wide support for its clients, while the deal for DELCOR aligns with Mutual Trust’s strategy to grow through culturally aligned partnerships.

Mutual Trust says DELCOR’s experienced team will enhance its ability to serve Australia’s most successful families with "integrated, purpose-driven solutions".

The acquisitions have been announced in conjunction with the promotion of David Crawford and Stephen Gleeson to partners of Mutual Trust – a company that provides integrated wealth and professional services to some of Australia’s wealthiest families.

Originally founded in 1921 by financier and politician William Lawrence Baillieu and his four brothers as a vehicle to provide accounting and trustee services for the Baillieu family, the Melbourne-headquartered Mutual Trust became the largest multi-family office in 2017 when it merged with The Myer Family Company.

Crawford, who is based in Perth, has been with Mutual Trust since 2018 and his promotion to partner is backed by significant experience helping high-net-worth families, Indigenous trusts and not-for-profits manage the complexities of their wealth.

Mutual Trust says his promotion reflects the firm’s long-standing commitment to Western Australia, where it has operated since 2011 and now supports several family groups with managing their intergenerational wealth.

Gleeson began his career with Mutual Trust in 2007 and the firm says he has grown into a trusted advisor with a deep understanding of family dynamics and wealth strategy.

The firm also notes that his appointment to partner recognises his dedication to delivering meaningful outcomes for clients.

“Families today face complex transitions -from business sales to succession planning,” says Mutual Trust CEO Phil Harkness.

“They’re looking for more than financial advice; they want a partner who understands their purpose of wealth. David and Stephen exemplify the values and expertise that define Mutual Trust.”

The promotions to partner come on the heels of several strategic acquisitions made by Mutual Trust since its merger with The Myer Family Company, which at the time created a $3 billion wealth management and advisory powerhouse.

Since then, Mutual Trust has grown to oversee more than $16 billion in funds under management with more than 230 employees in four offices nationally.

The firm’s acquisition of CMS Private Advisory last year came on the heels of Mutual Trust’s earlier expansion  in the South Australian market when it bought Reynolds Advisory in 2021.

“At 104 years young, Mutual Trust is entering its next and most significant growth phase,” says Harkness.

“These appointments and acquisitions mark another milestone in our journey to deliver exceptional outcomes for families nationwide.”