Prosperity merges Queensland operations with Cansdale & Co, and plans to make further acquisitions along the east coast.
Chartered accounting and financial planning firm Prosperity Advisers will merge its Queensland operations with Cansdale & Co, a Brisbane-based accounting and business advisory firm.
The transaction will double Prosperity's staff numbers in its Brisbane office and strengthen the firm's sector expertise within manufacturing, health and construction industries.
"The decision to partner with a specialist SME [small to medium enterprise] practice... was largely driven by the strong macro-economic fundamentals that underpin the opportunities for professional services firms working within the Queensland SME economy," Prosperity chief executive Allan McKeown said.
"There is a large baby boomer demographic in Queensland already transitioning into new business ventures or towards retirement... and we believe Cansdale & Co will deliver a robust growth platform for our business in this market."
The acquisition includes Cansdale Management Services, which specialises in providing outsourced back-office administration for a range of well known boutique investment funds managers and high net-worth individuals, the company said.
Prosperity is looking at a number of potential growth opportunities and can verify another likely merger prospect in Sydney, McKeown said.
"Now we have expanded our Queensland operations, the firm is concentrating on expanding its Sydney/Newcastle presence," he said.
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