An Italian-backed advice network has made a number of new acquisitions in Queensland, investing in two mid-sized Brisbane practices that it says will expand the group’s capacity for long-term growth.
In a statement, AZ NGA said it had acquired Blue Harbour Financial Partners, based in the outer Brisbane suburb of Cleveland, and goals-based advice firm Henderson Matusch Group.
Blue Harbour, which specialised in super and retirement advice, employed 16 staff and six advisers, while Henderson Matusch counted 40 staff and 13 advisers, the group said.
AZ NGA chief executive Paul Barrett said the acquisitions would help the group, which is backed by Italian-listed asset manager Azimut Group, to expand its footprint in the northern state.
“The addition of Blue Harbour Financial Partners and Henderson Matusch Group broadens the capability inside AZ NGA and expands our capacity for long-term growth,” Mr Barrett said.
“We have built a strong presence in NSW and Victoria, and our focus is increasingly on other capital cities and suburban corridors of growth. We continue to see plenty of potential opportunities.”
Blue Harbour chief financial officer and partner Blake Roberts said the acquisition would open doors for the practice to expand beyond its suburban headquarters.
“We are committed to continuous improvement in every area and we’re always looking for opportunities to add value for our clients,” Mr Roberts said.
“We want to develop the breadth and depth of our client value proposition, and we are excited about utilising AZ NGA’s business coaching, mentoring and SME resources to take us to the next level.”
Henderson Matusch CEO Paul Fog said the group had been attracted to the partnership with AZ NGA due to its experience in the market and the scale offered by a group of its size.
“Running a successful business today is vastly different to a decade ago or even five years ago,” he said.
“AZ NGA is the most experienced player in the market when it comes to M&A, succession solutions and business growth. It has the vision, know-how and capital backing to invest in strategic advice for the long-term and our partnership ensures that Henderson Matusch will continue to grow and meet our obligations to clients, staff and other stakeholders.”
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