Sequoia Financial Group, a diversified fund manager and advice provider, has today announced it has purchased non-aligned dealer group InterPrac Financial Planning.
In a statement to the ASX, Sequoia explained its intention to acquire the business for $12.83 million, expecting to complete due diligence and enter into formal agreements by the end of July 2017.
“InterPrac is an outstanding business that will complement Sequoia’s current operations and will deliver immediate scale to a number of our high-growth divisions,” said Sequoia managing director and chief executive Scott Beeton.
InterPrac executives Brent Jones and Garry Crole will stay on as senior managers of the combined entity.
A statement issued separately by Mr Crole indicated InterPrac expects “business as usual” at the licensee, which will continue to be headquartered in Melbourne and operate under its own brand.
InterPrac has 215 advisers, $3 billion in funds under advice and has close historical ties to the NTAA accounting body.
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