This is Merchant’s largest investment outside the US market and recognises Ironbark’s position as one of Australia’s leading diversified financial services firms. Merchant will join Soul Patts, management, employees and other shareholders as an investor in Ironbark.
Ironbark Financial Group Managing Director and Executive Chair, Chris Larsen, said the partnership will bring new global capabilities to the firm across wealth management, AI, technology and operations. The capital is also intended to accelerate Ironbark’s growth strategy in Australia to support future expansion.
This partnership is a powerful endorsement of our business and our people. It gives us the long-term strategic backing to meet our ambition to become Australia’s trusted financial partner.
Founded in 2009, Ironbark has more than $97 billion (as at 30 June 2026) in funds under advice, management and trusteeship across its three sub-brands: Ironbark Advice, Ironbark Private Wealth and Ironbark Investment Solutions.
“Merchant’s credentials as a long-term, patient investor with global expertise make it an ideal partner for Ironbark. Importantly, we have a strong cultural and strategic alignment, underpinned by a shared long-term outlook, partnership mindset and commitment to supporting founder-led businesses. We wanted a shareholder with the desire to collaborate with entrepreneurial founder-led firms, similar to our long-standing relationship with Soul Patts,” Larsen said.
Merchant Wealth Partners Executive Chairman, Marc Spilker, said: “We partner with exceptional businesses and management teams where we believe our capital, capabilities and global network can help support their long-term ambitions. Ironbark has built a differentiated financial services platform of significant scale, with an outstanding leadership team and a clear vision for the future. We look forward to working alongside Chris and the leadership team to build on that foundation and support the next stage of the firm’s growth.”
Long-term Ironbark investor Soul Patts welcomed the addition of Merchant to the business and will work alongside Ironbark and Merchant to achieve the firm’s strategic goals.
“For close to a decade Soul Patts has supported Ironbark’s evolution, and we welcome Merchant joining the business. Merchant’s ecosystem gives Ironbark access to deeper expertise that will broaden its client offering. Soul Patts remains a committed, long-term partner as Ironbark enters its next stage of growth.” added David Scammell, Managing Director, Principal Investments at Soul Patts.
The announcement follows recent leadership appointments designed to support Ironbark’s continued growth, including Chris Larsen’s appointment as Managing Director and Executive Chair and Justin Greiner’s appointment as Group Chief Executive Officer. Founding partners Brendan Carpenter, Chief Operating Officer, Executive Director and Deputy Chair, Alex Donald, Chief Executive Officer of Ironbark Investment Solutions, and David Stephen, Executive Director, Strategy and Growth, will continue in senior executive leadership positions, ensuring continuity in both the operation and strategic direction of the group.
As part of the strengthened operating structure, Steve Fort, CEO of Ironbark Advice, and Jason Harwood, CEO of Ironbark Private Wealth, report to the Group CEO. Together, these appointments reinforce the depth of leadership across Ironbark while preserving the founder-led vision that has underpinned the group's success.
Ironbark Financial Group Chief Executive Officer, Justin Greiner, said: “Partnering with Merchant positions us to accelerate growth, enhance our client offering and create new opportunities for our people. This investment gives us the capital to execute our Australian growth strategy, create liquidity for shareholders and actively pursue a strong pipeline of strategic acquisitions, making us a partner of choice for businesses looking to be part of our next phase of growth.”
The transaction remains subject to customary regulatory approvals, including approval from the Foreign Investment Review Board and the Australian Competition and Consumer Commission.
About Merchant Wealth Partners
Merchant is a private partnership that provides life cycle growth capital and strategic guidance to independent financial services companies, particularly those focused on wealth and asset management. Merchant’s ecosystem comprises more than 125 partner firms and financial services practices in six countries, collectively managing more than USD$300 billion in assets. For additional information, please visit merchantim.com.
About Soul Patts
Washington H. Soul Pattinson (“Soul Patts”) is an Australian public company that first listed on the Sydney Stock Exchange (now ASX) on 21 January 1903. With origins in owning and operating Australian pharmacies, Soul Patts has since evolved into an investment house with a diversified and uncorrelated portfolio of assets across multiple industries. Soul Patts takes a long-term approach to investing with an objective to deliver superior returns by creating capital growth and regular dividends. More information: SoulPatts.com.au