Tranzact continues to increase its scale in NZ, acquiring a 20 per cent stake in two more advice practices.
Tranzact Financial Services (Tranzact) has boosted its growth in New Zealand, making further acquisitions in two advisory practices.
Tranzact has acquired 20 per cent stakes in both Attwell Crews Financial Solutions (ACFS) and Life Financial Solutions (LFS), as part of its strategic growth initiative.
These recent acquisitions follow other New Zealand advice practices that joined Tranzact last year.
Tranzact's partnerships with Prime Planning, Van Der Wilt and Momentum Wealthcare have all recently made further complementary acquisitions in conjunction with the firm, according to Tranzact managing director Allan Yeo.
"For example, since we got into partnership with Prime Planning Partnership, they've acquired another practice in Wellington and are in the process of acquiring two more," he said.
"Momentum Wealthcare is a separate partnership with us and they've also acquired another business which has effectively doubled our size."
The creation of Tranzact's nationwide brand, Camelot, under which the various partners will operate, is scheduled to launch on August 15, Yeo said.
"Now that we've got a large number of partnerships it's really about getting them to operate together under the same processes and strategies," he said.
Tranzact's partnership for growth model involves taking strategic financial interests in profitable adviser practices to achieve growth and improvements in profitability.
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