Axa-owned Genesys Group has acquired Quadrant Securities and its platform provider First Quest.
Quadrant consists of 13 practices and 35 financial advisers, and has its headquarters in Wodonga with offices in New South Wales+ and Victoria. The group was owned by its principals.
The dealer group had $560 million in funds under management at the end of June 2009, according to the IFA dealer group survey of 2009.
"This acquisition is in line with our long-term growth ambitions, that is to partner with like-minded professional advisers and in doing so leverage our M&A [mergers and acquisitions] expertise to add scale to our business," John Saint said.
Saint will take over the position of chief executive of Genesys Group from Greg Kirk at the end of this month.
Quadrant will continue to operate under its own brand name and all management and staff have been retained.
Genesys already had an association with the business through its platform administrative business Synergy, which has provided services to First Quest since 2003.
First Quest Capital Management is a funds management company that offers superannuation and non-superannuation master fund services that provide access to a range of Australian investment managers and shares.
"There is a strong cultural fit between both parties," Saint said. "This will underpin the successful partnering of the firms and position us for further collective growth opportunities."
Quadrant director Trevor Cutler said the deal would help the group to grow its referral business and strengthen its presence in the market.
"As part of the Genesys Group we have the ability to expand our vision to be the leading dealer group in regional New South Wales and Victoria," Cutler said.
