What Koda Capital does

Koda Capital is an Australian independent wealth management firm founded in 2014/2015 by Paul Heath (former head of JBWere) and Steve Tucker (former head of NAB's MLC) to deliver conflict-free financial advice to high-net-worth individuals, families, and for-purpose institutions. The firm is headquartered in Sydney with four offices across Australia and serves clients primarily in Australia and New Zealand, structured around four service pillars: Structuring & Tax, Investment Strategy, Family Leadership, and Philanthropy & Social Capital. Koda holds Australian Financial Services Licence No. 452581, advises on approximately US$11.9 billion in assets as of May 2026, and operates with 58 partners and 150 team members, each partner typically servicing 50-70 clients.

The firm's core proposition is genuine product and platform independence: Koda manufactures no investment products, holds no alignment with any financial institution, and operates an open-architecture model distributing client assets across multiple platforms including Netwealth and Powerwrap (via Praemium). Technology use is moderate and governance-controlled — AI tools are approved by Responsible Managers and the CTO before deployment, sensitive information is excluded from public generative AI tools, and identity verification is handled through FrankieOne integrated with the government Document Verification Service for AML/CTF compliance. Revenue is generated entirely through advice fees structured as flexible annual retainers (minimum ~$20,000), asset-based fees (65-85 basis points for a typical $5 million portfolio), or transactional fees for one-off engagements, with all platform and management fees unbundled and passed through to clients.

Koda's growth model has been partnership-led rather than acquisition-led, expanding from $3 billion in assets under advice in 2016 (20 partners) to $11.9 billion by 2026 (58 partners). The firm's research and thought-leadership engine — including the Inside the Rope podcast, an investment philosophy trilogy on diversification, downside capture, and time-in-market, and recurring insights on liquidity events, philanthropy, and family governance — supports both client acquisition and senior adviser recruitment. Emigrant Partners acquired a minority stake at an implied $6.8 billion valuation in May 2022 (Koda retained 80% ownership); the firm has been profitable and dividend-paying to partners since mid-2017 and reports no intention to sell.

Name

Koda Capital

Legal name

Koda Capital Pty Ltd

Website

https://kodacapital.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Koda Capital is an Australian independent wealth management firm advising on approximately US$11.9 billion for high-net-worth individuals, families, and charitable foundations. It delivers conflict-free advice across structuring, investment strategy, family leadership, and philanthropy through 58 partners and 150 staff.

Ownership category

akta.pro rank

Product category

Private Wealth Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA)

akta.pro secondary industries

Family Wealth & Multi-Generational Planning RIAs (HNW/UHNW-lite) (FSAAACAH), Financial Planning–Led RIAs (FSAAACAB), Tax-Focused Wealth Management RIAs (FSAAACAD), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Independent wealth management
• Financial advisory services
• Investment portfolio management
• Tax structuring advice
• Philanthropic advisory

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Financial Advice Fees: Koda Capital charges flexible fee arrangements including asset-based fees (typically 65-85 basis points for a $5 million portfolio), fixed annual fees (minimum approximately $20,000/year), and transactional fees. The firm is completely transparent and unbundles fees for clients, negotiating lowest possible platform, administration, and management fees on behalf of clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Koda Capital provides independent, conflict-free wealth management advice to high-net-worth individuals and families across four service pillars: Structuring & Tax (investment structures, tax optimisation, succession and estate planning), Investment Strategy (active always-on portfolio management across domestic and global opportunities), Family Leadership (succession planning and multi-generational wealth transfer), and Philanthropy & Social Capital (impact investing and charitable foundation governance). The firm advises on approximately US$11.9 billion in assets through 58 equity partners and 150 team members across four Australian offices.

Product overview

Koda Capital is an Australian independent financial advice and wealth management firm operating a unified, holistic advisory model built around four core service pillars: Structuring & Tax, Investment Strategy, Family Leadership, and Philanthropy & Social Capital. The firm manages approximately US$11.9 billion in assets for high-net-worth individuals, families, and for-purpose institutions. Koda does not manufacture investment products and operates on a platform-agnostic open architecture model, with client assets held across platforms including Netwealth and Powerwrap. Services are delivered through a partnership of 58 partners and 150 team members across 4 Australian offices, supported by a proprietary research library of investment philosophy papers, the Inside the Rope podcast series, and an Impact Investing Advisory Service for values-aligned investors.

Differentiator

Problem solved

Functional benefit

Products and services

• Structuring & Tax

Quantifiable outcome

• 8.8% annualised return since inception (Jan 2015 - Mar 2025) vs 5.9% Morningstar Growth Benchmark, outperforming by 2.9% annually
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability2 records

Feature3 records

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Ord Minnett: Australian private wealth manager offering independent advice and investment services to HNW individuals and families. Closest direct competitor to Koda in the independent HNW segment with a similar boutique, partner-led model.
• Shaw and Partners: Boutique Australian wealth manager and investment bank providing HNW advisory, portfolio management, and equities services. Competes head-to-head with Koda for senior adviser talent and HNW client segments.
• Morgans Financial: Australian full-service wealth management and stockbroking firm serving HNW clients with advice, portfolio management, and research. Direct competitor with similar client profile and adviser-led delivery model.
• LGT Crestone Wealth Management: Australian ultra-HNW wealth manager owned by LGT Group, providing independent advisory and investment services. Direct peer in the premium HNW segment with comparable fee-based model.
• E&P Financial Group: Australian wealth and capital markets firm (formerly Evans Dixon) providing HNW advisory and asset management services. Direct competitor in the independent advice segment.
• Wilsons Advisory: Australian private wealth advisory and investment firm serving HNW families, foundations, and endowments. Direct peer with similar boutique, conflict-free advisory positioning.

Broad incumbents

• Macquarie Private Bank: Macquarie's private banking division serving HNW and ultra-HNW clients with investment and advisory services. Broader incumbent offering wealth management as part of a larger banking and asset management group.
• Insignia Financial (formerly IOOF): Major Australian wealth management platform (owner of MLC wealth post-NBA acquisition) providing advice, superannuation, and investment services. Broad incumbent that competes across HNW and mass-affluent segments.
• AMP Private Bank: AMP's private banking division serving HNW clients with advice and investment services. Broad incumbent with overlapping HNW offerings, though still working through post-Royal Commission restructuring.
• JBWere (NAB Wealth): Formerly Australia's premier independent wealth manager (founded 1840), now owned by NAB. Koda was founded by JBWere's former head (Paul Heath) and competes directly for HNW clients seeking non-bank-aligned advice.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/KodaCapital
• Facebookfacebook.com/kodacapital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Koda Capital