AZ NGA has announced a Brisbane-based advice firm as its latest acquisition, pushing the group's total assets under management to $3.3 billion.
According to a statement, AZ NGA has signed a binding sale and purchase agreement to acquire the entire capital of self-licensed Logiro Unchartered.
The agreement includes a share swap of 49 per cent of Logiro’s equity for AZ NGA shares and progressive buyback of these shares over a two-year period.
Logiro is responsible for $130 million in client funds and comprises a team of five members. The firm offers a full suite of advisory services, including wealth accumulation, retirement planning, insurance and strategic financial planning advice.
“We’re delighted to be the newest members of the AZ NGA Group and we look forward to sharing experiences, learning and growing alongside the rest of the AZ NGA community,” Chris Shiels, Logiro’s chief executive and principal adviser, said.
“The missing link in the Logiro puzzle has been a strong capital partner who shares our growth focus. With that partner now in place, we can continue to deliver exceptional outcomes to our clients and stakeholders.”
Logiro is the 13th in a string of acquisitions by AZ NGA, and represents a continuation of the company's effort to consolidate "high quality" Australian financial advice practices and provide wealth management services to high-net-worth and institutional clients.
An adviser has slammed the poor behaviour of insurers in hiking premiums for existing customers while new client rates stay unsustainably low, as the ...
The corporate regulator has used its enhanced banning powers to restrict the former head of a collapsed asset manager from financial services in any ...
The government has rushed new legislation to Parliament in the wake of its ushering in a new broom at ASIC, which will keep the regulator accountable ...