AZ Next Generation Advisory (AZ NGA) has said it will reach $3.1 billion in total assets under management, following the acquisition of a Sydney-based financial planning firm.
The company has signed a binding sale and purchase agreement to buy the entire capital of JFS Personal Investment Solutions, which is licensed by NAB's Godfrey Pembroke dealer group.
The agreement includes a share swap of 49 per cent of JFS' equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.
JFS is responsible for about $158 million in assets under advice and comprises a team of six staff members.
AZ NGA chief executive Paul Barrett said: "JFS are a natural fit for AZ NGA as the team is led by a highly experienced financial planner in James Smith and has an exciting growth plan which we will be able to assist with."
The latest deal is the 12th in a string of acquisitions by AZ NGA, and a continuation of the company's effort to consolidate "high quality" Australian financial advice practices.
Other purchases by AZ NGA include Sterling Planners; Priority Advice Group; Eureka Whittaker Macnaught; Pride Advice; Lifestyle Financial Planning Services; Financial Lifestyle Partners; Harvest Wealth; Wise Planners; RI Toowoomba; Empowered Financial Partners; and Wealthwise.
In April, one of AZ Next Generation Advisory's subsidiary firms Pride Advice made its own acquisition, buying the Adelaide-based Bailey Capital Management.
AZ NGA was established in November 2014 and is part of the Azimut Group, an Italian independent asset manager operating in 14 countries.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 10:02Former Dover and Synchron adviser banned for five yearsBy Eliot Hastie
- 09:37Very few Australians save and even fewer invest their moneyBy Reporter
- 09:49Advisers undercharging clients for efforts, says CEOBy Adrian Flores
- 23 Jan 2019Adelaide adviser permanently banned from industryBy Eliot Hastie
- 23 Jan 2019Bowen slams ‘woeful’ handling of royal commissionBy James Mitchell
- 23 Jan 2019Gender super gap lower but still at 34%By Adrian Flores
- view all