Perpetual has bought the privately-owned advice business Grosvenor Financial Services (Grosvenor) for $19.6 million.
Grosvenor has 200 high net worth clients and was established in 2000 by its principal Tim Eustace.
The firm has 30 employees including five advisers, all of whom will join Perpetual Private Wealth.
The firm, however, will operate as a specialist advisory division of Perpetual's private wealth business.
The announcement is the second acquisition for the firm in a year. In April 2009, Perpetual bought Sydney advice firm Financial Pursuit.
The acquisition of Grosvenor is part of Perpetual's strategy to boost its private wealth business, according to Perpetual Private Wealth group executive John Nesbitt.
"The market is providing us with a number of excellent strategic opportunities, which were not available 18 months ago," Nesbitt said.
He said Perpetual is looking at other acquisition opportunities.
"We currently have a number of other small acquisition opportunities under review," he said.
The acquisition was funded by a combination of $9 million cash and shares issued subject to performance over three years.
