Perpetual has acquired Melbourne-based financial services firm Fordham Group for $35 million.
"Our current services are focused on high net worth individuals and their families; the acquisition of Fordham brings us new expertise in strategic financial advice, accounting and tax services for private business owners," Perpetual chief executive David Deverall said.
Fordham had $500 million in funds under management and advice as at 30 November 2009.
The firm reported revenues of $22 million over the 12 months to 30 June 2009, consisting of 75 per cent accounting, taxation and strategy and planning revenues and 25 per cent wealth management revenues.
All of Fordham's staff will join Perpetual, a spokesperson for the group said.
The takeover will be slightly dilutive to Perpetual's earnings per share in the 2010 financial year, but it is expected to contribute to profits in 2011.
The transaction is Perpetual's third takeover this year. The group acquired Financial Pursuit in March and Grosvenor Financial Services in September this year.
In total the three groups have added $1.1 billion in funds under advice (FUA) to Perpetual's Private Wealth division.
Deverall said to be evaluating similar opportunities in the advice sector.
In total, Perpetual has about $8 billion in FUA as at 30 November 2009.
