AZ Next Generation Advisory (NGA) has signed a binding sales and purchase agreement to acquire 51 per cent of the capital of Sydney-based advice practice Wise Planners.
The move by AZ NGA marks the fifth acquisition the group has made this year, having already announced deals with Eureka Whittaker Macnaught, Pride Advice, Lifestyle Financial Planning Services and Financial Lifestyle Partners.
Wise Planners was formed in November 2014 following the restructuring of CBA-aligned practice Lifestyle Financial Services which was founded by Gareth Hall who will remain chief executive of the practice under the terms of the new arrangement.
As part of the agreement, there will be a 49 per cent share swap of Wise Planners equity for AZ NGA shares and a progressive buy-back of these shares over the next 10 years.
Commenting on the acquisition, chief executive of AZ NGA Paul Barrett said he is "thrilled" to announce the deal with Wise Planners.
Pietro Giuliani, chief executive and chairman of AZ NGA's parent company, Azimut Holding, said the company's "entrepreneurial spirit" is picking up momentum in Australia.
"A number of professionals have decided to join our Australian venture and we are all committed to create a success story for those joining today and for the many more to come in the future," Mr Giuliani said.
The Sydney-based practice, which recently won the 2015 Financial Wisdom Practice of the Year award for NSW, is responsible for $410 million of assets under advice and provides a range of financial planning services.
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