Wealth management firm AZ Next Generation Advisory (NGA) has made further inroads into the bank-owned financial planning space, signing an agreement to take a majority stake in an ANZ-aligned firm.
NGA, the subsidiary of Italian asset management giant Azimut, has taken a 51 per cent stake in Pride Advice which is a member firm of ANZ-owned dealer group RI Advice Group.
The deal follows the recent acquisition of a majority stake of CBA-aligned firm Eureka Whittaker Macnaught.
According to NGA, the agreement with Pride Advice includes a share swap of 49 per cent of Pride’s equity for NGA shares and a progressive buy-back of these shares over the next 10 years.
NGA chief executive Paul Barrett, a former managing director of global advice and distribution at ANZ, said Pride chief executive Brett Schatto will continue on as head of the business.
“Pride Advice is a leading professional financial planning firm as well as a very fast growing business. Brett is a pioneer in modern professional financial planning and we are thrilled to have Pride in our stable of firms,” Mr Barrett said.
Commenting on the acquisition, Azimut chairman and chief executive Pietro Giuliani said the company’s objective is to continue “along the path” of acquiring more Australian financial practices.
“We have recently started our greenfield project in the Australian market and we are glad to announce today that another successful financial practice with a strong entrepreneur is willing to come on board and develop a powerful business in the wealth management industry,” Mr Giuliani said.
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