AZ Next Generation Advisory has signed a binding sale and purchase agreement to acquire the entire capital of a Queensland-based advice firm.
The agreement with Menico Tuck Parrish Financial Services includes a share swap of 49 per cent of Menico Tuck Parrish’s equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years, according to a statement.
Menico Tuck Parrish is responsible for approximately $170 million of client funds with a team of nine including two financial planners.
AZ NGA chief executive Paul Barrett said, “Menico Tuck Parrish are a natural fit for AZ NGA as the team is lead by highly experienced financial planners in Anthony Menico and Jo Tuck and has an exciting growth plan which we will be able to assist with.
“We have been working together on this deal for over two years and we are delighted to now be in a position to build our north Queensland strategy together.”
Menico Tuck Parrish Financial Services director Anthony Menico said the firm looks forward to sharing experiences, learning and growing alongside the rest of the AZNGA community.
“With AZ NGA as our partner we can continue to deliver exceptional outcomes to our staff, clients and stakeholders,” Mr Menico said.
“We have strong growth aspirations in the region and are looking forward to taking advantage of the unique capital funding solution provided by AZ NGA.”
AZ NGA said it has shortlisted a number of financial planning firms for further potential consolidation, following the acquisitions of Perth-based ON-TRACK Financial Solutions and Sydney-based JFS Personal Investment Solutions last year.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 21 Aug 2017Advisers key to ‘living the dream’: FPABy Staff Reporter
- 21 Aug 2017US IFA history repeats itself in AustraliaBy Killian Plastow
- 21 Aug 2017Licensees need greater scrutiny, PJC hearsBy Larissa Waterson
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- view all