Clime Investment Management has announced it has reached an agreement with diversified wealth management, advisory and accounting/tax services business MTIS Wealth Management to acquire the business.
On Thursday, Clime confirmed that the $7 million acquisition, to be paid in three stages, will be completed on 1 July 2022.
MTIS currently boasts $380 million in funds under management and administration and a total gross annual revenue of $3 million.
Founders Pauline Hammer and Anna Garuccio will stay on with the business post-acquisition.
“The acquisition of MTIS fits into Clime’s strategy to create wealth for our clients, supported by high-quality advice” CEO Annick Donat said.
“Pauline, Anna and the team have an outstanding track record of assisting their clients to achieve their financial aspirations, which aligns with our company values.
“This transaction expands our private wealth presence in Melbourne’s CBD and creates new market opportunities for the group. We are delighted to have the MTIS team become part of the Clime family and look forward to a successful future together.”
The news comes after Clime revealed plans for growth in adviser recruitment and anticipates reporting an increase in adviser numbers in full-year 2022.
In its March 2022 results, Clime also reported an increase in funds under advice on the back of funds within the Madison Financial Group network spiking by $28 million to reach $4 billion, and its WealthPortal platform which also increased slightly to $597 million.
