AZNGA acquires AFM Advisers’ client book
AZ Next Generation Advisory subsidiary Wise Planners has acquired the client book of AFM Advisers.
AFM Advisers has $284 million in assets under management and “provides a full suite of financial planning services” including workplace super, Wise Planners said in a release.
The acquisition follows the passing of AFM Advisers’ owner Haydon Skudder in June this year, and Wise Planners chief executive Gareth Hall said it was “an honour” to continue Mr Skudder’s business.
“Haydon Skudder was passionate about his business, so passionate he worked until he was almost 93 years old,” Mr Hall said.
“Haydon was also well known for his exploits as a World War II Spitfire pilot having taken hits from enemy fire over Holland surviving to tell the tale. Haydon was a very special man.”
Wise Planners said the acquisition came as the result of succession planning discussions between Mr Hall, Mr Skudder and former AFM Advisers’ managing director Terry Rhodes.
AZ Next Generation Advisory chief executive Paul Barrett said the firm's growth model was supported by a "first-class mergers and acquisitions capability", which is managed in-house.
"When firms are dealing with us they know that we have the capital and the execution capability to get deals done. Gareth has taken his business from $400 million to $1.8 billion in just under two years,” he said.
The company will finalise it's 35th transaction this week, and has six further deals planned before the end of the year, the release said.
These transactons include two accounting firms.
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