Led by managing director Virginia Heyer and senior private client adviser Duncan Derrington, StrategyOne Advice specialises in wealth management, retirement planning and risk advisers, serving around 600 clients with its four advisers and eight support staff.
Along with Heyer, AZ NGA said the firm has an “impressive pedigree of founders”, including “financial advice pioneers” Venn O’Neil, Linda Hogan, and Linda’s husband, Peter Hogan, formerly the head of technical for the SMSF Association.
AZ NGA executive general manager Chesne Stafford said the firm’s strong reputation and quality service were extremely important when deciding to move forward with the acquisition, while also considering how they would fit into the group’s wider community.
“When we do a deal, we don’t just look at individual businesses in isolation but rather how they fit into our broader community. We consider things like values, complementary services and potential opportunities to collaborate,” Stafford said.
“We believe there are a lot of synergies with StrategyOne and we’re excited to work together.”
Speaking on the announcement, StrategyOne’s managing director said mounting costs have made it more difficult to operate effectively, leading them to seek a “large, experienced partner” to help the business scale and thrive for the next generation.
“StrategyOne has been around for 40 years and we want to be around for another 40 years to take care of our people and clients. We had a good look around at our options and AZ NGA is the right fit,” Heyer said.
“We’ve been thoroughly impressed by the team and we’re excited about the group’s proposition and plans for the future.”
This latest acquisition by AZ NGA follows the group’s purchase of AMP’s majority stakes in 16 advice firms for $82.2 million last month as AMP Advice dismantles.
The group also recently announced its strategic partnership with investment manager Oaktree Capital Management following months of rumours the firms were in “exclusive talks” over a potential deal.
Through this agreement, Oaktree will invest $240 million in AZ NGA to become the group’s largest shareholder, while Azimut Group, AZ NGA management and current shareholders retain a strategic stake in the company.
Stafford noted that, while they have been engaging with larger players of late, the group maintains its interest in helping smaller businesses grow.
“We have the capacity, capability and capital to do transactions of all shapes and sizes and we’re able to innovate to satisfy the needs of different stakeholders,” Stafford said.
“While our recent focus has been on large deals, we’re always looking to partner with quality accounting and advisory SMEs to help grow their business, drive efficiencies and capture opportunities.”
