AZ NGA subsidiary firm makes own acquisition
One of AZ Next Generation Advisory’s (AZ NGA's) subsidiary firms has made its own acquisition, buying an Adelaide-based ANZ-aligned firm.
Pride Advice, which was previously aligned with RI Advice before being acquired by AZ NGA in June 2015, announced on Friday that it had purchased 100 per cent of the assets of Bailey Capital Management (BCM), which is licensed by ANZ-aligned RI Advice.
BCM is based in Adelaide and advises more than 400 clients, comprising $97 million of funds under advice. The firm provides a range of financial advisory services including retirement planning, investment, insurance, SMSF, estate planning and strategic financial planning advice.|
Pride Advice is led by chief executive Brett Schatto, who commented: “ BCM shares similar values to Pride including its belief in fee-based advice, a focus on service, and client best interests. Pride joined AZ NGA in order to accelerate our growth plan. This deal represents the first step in achieving our growth objectives."
AZ NGA chief executive Paul Barrett said the group's partnership with Azimut Holdings enables its subsidiaries to enter into M&A discussions.
“When proprietors enter into arrangements with AZ NGA, it is not only to solve their long term succession, but to enable growth. Brett has an ambitious plan for growth which in partnership with AZ NGA he is able to achieve,” he said.
"Another great benefit of our expansion is that we can now offer new equity participation in Pride Advice for the next generation of adviser/business owners.”
Once the deal is completed, Price Advice will be responsible for 1,100 clients and $250 million of FUA.
In April AZ NGA bought its 10th advice practice, the Fortnum-aligned practice Priority Advisory Group (PAG).
AZ NGA was established in November 2014 and is part of the Azimut Group, an Italian independent asset manager that operates in 14 countries.
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