The Myer family has obtained full ownership of its private financial services and investment advisory business, the Myer Family Office, the Sydney Morning Herald reports.

The Melbourne-based business dynasty recently bought the remaining 25 per cent stake in the family office from the Maple-Brown family. As part of the change, the firm has been renamed to The Myer Family Company.

The business provides tax advice, estate planning, and succession planning services to wealthy families, foundations, and charities. According to the news service, the buy-out effectively frees a $39 million contingent liability from a margin loan over property investor Julius Colman's assets, and transfers the investments made on behalf of Myer department store founder Sidney Myer and his descendants to a separate firm, the Myer Family Company Holdings.

Also following from the buyout is the expansion of the new company's board of directors, which now includes veteran stockpicker Bruce Teele, Sidney Myer's grandson David Shelmerdine, and Tom Shelmerdine, to add to existing directors Rupert Myer, Martin Myer, and Sidney Myer himself.