Non-aligned licensee and former Dealer Group of the Year GPS Wealth will be acquired by an ASX-listed investment company for $20 million.
According to a statement to the ASX, Easton Investments will acquire 100 per cent of GPS IP Group Holdings, parent company of GPS Wealth.
Under the terms of the acquisition, GPS Wealth managing director Grahame Evans will join the board as an executive director and lead the company’s wealth management operations.
GPS currently has 123 authorised representatives and 182 limited licence holders (accountants), with annual risk premiums of $36 million across 82 practices across the country.
The combined entity will have funds under advice in excess of $3.4 billion.
“GPS and Merit Wealth in particular are both well placed to continue to grow organically in the wealth management sector,” the statement said.
“At the same time, both businesses offer strong cross-sell referral opportunities to other Easton businesses, as well as the potential to leverage other service lines in the financial services sector.”
The acquisition is expected to take effect in August if approved by shareholders.
GPS Wealth was named Dealer Group of the Year at the ifa Excellence Awards 2015.
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