Capital Haus buys Baker Young in billion-dollar push to reshape Australian wealth advice
Capital Haus has snapped up Adelaide stalwart Baker Young, lifting its funds under management beyond AUD$1 billion and signalling a generational shift in the advice industry.
3 min
Capital Haus has moved to expand its national presence with the acquisition of Adelaide advisory firm Baker Young, one of Australia’s longest-standing private wealth practices.
The deal will see the combined group’s funds under management exceed AUD$1 billion, as adviser numbers and client coverage grow across the country.
Founded more than 40 years ago by Alan Young and David Baker, Baker Young today serves over 6,000 clients and manages AUD$700 million in assets.
Under the agreement, the Baker Young brand will be retained, and senior principals including Young and Baker will continue in active advisory roles.
Capital Haus will also migrate its existing clients to the refreshed ‘Baker Young, a Capital Haus company’ banner, which becomes its flagship advisory business.
A new offering for ultra-high-net-worth clients, Baker Young Private, will be introduced, providing access to wholesale opportunities, global private credit financing and capital raises.
Both firms’ clients will continue working with their current advisers, while gaining access to broader group-level capability, including global research, multi-asset solutions and cross-border services. Baker Young will also gain upgraded institutional-grade infrastructure and portfolio management systems.
The acquisition adds further momentum to Capital Haus’ expansion. Established in Sydney in 2019, the company has since launched offices in Dubai and Zurich and acquired practices in Townsville and Bateman’s Bay.
With the addition of Baker Young’s team, plus new managers from RiverX Investment Management and Active Super, the group now employs 41 advisers and support staff.
Brendan Gow, Founder and CEO of Capital Haus Group, said: “Baker Young has been a cornerstone of South Australia’s advice community for four decades, built on deep relationships and trust. We feel privileged to be the next custodian of that legacy.
“By moving our existing client base across to the Baker Young brand, as well as launching the new Baker Young Private service, this deal represents more than just a passing-the-torch moment. We’re combining heritage and innovation to set a new standard for financial advice at a time when the industry needs it most.”
The acquisition lands at a pivotal moment for the sector. Adviser numbers have halved since 2018, falling from around 28,900 to fewer than 15,300 as at September 2025, even as demand surges.
More than 10.2 million Australian adults were seeking financial advice in 2024, driven in part by intergenerational wealth transfer and growing expectations from Millennials and Gen Z for both trusted relationships and digitally enabled service.
Alan Young, Co-Founder and Joint MD of Baker Young, said: “For 40 years, our focus has been simple: put clients first and build relationships that span generations. Capital Haus shares that philosophy.
“We are planning for the long term – for our clients, our team and our brand. Becoming part of the Capital Haus Group means our legacy will endure, while also providing stability for clients, as well as access to exciting new opportunities. It is the right succession step for our practice and a positive evolution for our clients.”
David Baker, Co-Founder and Joint MD, added: “We’ve spent four decades building Baker Young on a foundation of trust, personalised service, and consistent performance. We’re energised by the shared vision Capital Haus is pursuing and we’re proud to be part of it.”
Gow said: “We believe the future of advice belongs to firms that can combine old-fashioned relationship banking with modern, global wealth capabilities. By bringing Baker Young into the Capital Haus family, we’re preserving one of Australia’s great advisory brands while building a platform that can serve the next generation of investors.”
A long-standing cultural cruise and a new expedition-style offering will soon operate side by side in French Polynesia.
The pandemic-fuelled love affair with casual footwear is fading, with Bank of America warning the downturn shows no sign of easing.
The pandemic-fuelled love affair with casual footwear is fading, with Bank of America warning the downturn shows no sign of easing.
2 minThe boom in casual footware ushered in by the pandemic has ended, a potential problem for companies such as Adidas that benefited from the shift to less formal clothing, Bank of America says.
The casual footwear business has been on the ropes since mid-2023 as people began returning to office.
Analyst Thierry Cota wrote that while most downcycles have lasted one to two years over the past two decades or so, the current one is different.
It “shows no sign of abating” and there is “no turning point in sight,” he said.
Adidas and Nike alone account for almost 60% of revenue in the casual footwear industry, Cota estimated, so the sector’s slower growth could be especially painful for them as opposed to brands that have a stronger performance-shoe segment. Adidas may just have it worse than Nike.
Cota downgraded Adidas stock to Underperform from Buy on Tuesday and slashed his target for the stock price to €160 (about $187) from €213. He doesn’t have a rating for Nike stock.
Shares of Adidas listed on the German stock exchange fell 4.5% Tuesday to €162.25. Nike stock was down 1.2%.
Adidas didn’t immediately respond to a request for comment.
Cota sees trouble for Adidas both in the short and long term.
Adidas’ lifestyle segment, which includes the Gazelles and Sambas brands, has been one of the company’s fastest-growing business, but there are signs growth is waning.
Lifestyle sales increased at a 10% annual pace in Adidas’ third quarter, down from 13% in the second quarter.
The analyst now predicts Adidas’ organic sales will grow by a 5% annual rate starting in 2027, down from his prior forecast of 7.5%.
The slower revenue growth will likewise weigh on profitability, Cota said, predicting that margins on earnings before interest and taxes will decline back toward the company’s long-term average after several quarters of outperforming. That could result in a cut to earnings per share.
Adidas stock had a rough 2025. Shares shed 33% in the past 12 months, weighed down by investor concerns over how tariffs, slowing demand, and increased competition would affect revenue growth.
Nike stock fell 9% throughout the period, reflecting both the company’s struggles with demand and optimism over a turnaround plan CEO Elliott Hill rolled out in late 2024.
Investors’ confidence has faded following Nike’s December earnings report, which suggested that a sustained recovery is still several quarters away. Just how many remains anyone’s guess.
But if Adidas’ challenges continue, as Cota believes they will, it could open up some space for Nike to claw back any market share it lost to its rival.
Investors should keep in mind, however, that the field has grown increasingly crowded in the past five years. Upstarts such as On Holding and Hoka also present a formidable challenge to the sector’s legacy brands.
Shares of On and Deckers Outdoor , Hoka’s parent company, fell 11% and 48%, respectively, in 2025, but analysts are upbeat about both companies’ fundamentals as the new year begins.
The battle of the sneakers is just getting started.
With two waterfronts, bushland surrounds and a $35 million price tag, this Belongil Beach retreat could become Byron’s most expensive home ever.
Ophora Tallawong has launched its final release of quality apartments priced under $700,000.
