AZ NGA-owned firm buys CBA-aligned practice
AZ NGA has announced that one of its subsidiaries, Logiro Unchartered, has acquired a CBA-aligned advice firm – a deal that nearly doubles the size of Logiro.
According to a statement, Logiro has acquired Queensland-based Aspire SRS, which is licensed by Financial Wisdom.
Aspire provides advisory services to more than 500 clients and has over $110 million in assets under advice. This purchase nearly doubles the size of Logiro, the statement said, and completes a “significant milestone” for the firm.
Logiro chief executive Chris Shiels said, “In 2016, we wanted to achieve two key growth objectives.
“The first was to partner with a new shareholder who could provide access to capital and know-how. The second was to complete a large acquisition. We are delighted to have achieved both of these objectives,” he said.
In August, ifa reported AZ NGA had acquired Brisbane-based Logiro, pushing the group's total assets under management to $3.3 billion.
“It was clear to me that we could help Logiro to grow,” said AZ NGA chief executive Paul Barrett.
“We were aware that Logiro wanted to make a large acquisition and were delighted to be able to introduce them to Glenn [Rice, Aspire SRS managing director] and enable the transaction to happen.”
FOFA architect joins SMSF Association board
The SMSF Association has brought on a former parliamentary secretary and the fat...
CFS cuts fees across product suite
Colonial First State has announced it will reduce fees across its product range ...
The real story about financial advice in Australia
It’s time to dispel the myths surrounding the sector and ask your customers di...