Bridgeport Financial Services is on track to reach its planned $3 billion in funds under management with the purchase of HLB Mann Judd Financial Services.
An agreement between the groups was formally reached in May, when the principals of HLB Mann Judd agreed to the sale.
“MLB Mann Judd Financial Services weren’t on the market. They weren’t for sale. They were identified to use by a third party,” Bridgeport chief executive Stuart Malouf said.
“[They] are a good fit because they would take us nationally and they also have salaried advisers.”
The terms of the purchase have not been disclosed, other than when the deal is completed HLB Mann Judd Financial Services’ 20 advisers will be licensed through Bridgeport Financial Services.
The acquisition adds to Bridgeport’s Sydney office and gives them a presence in Melbourne, Brisbane, Adelaide, Canberra, and Perth.
“We’d like to reach $3 billion in funds under management in a short amount of time, and HLB Mann Judd Financial Services has kicked us to $1.1 billion,” Malouf said.
He said Bridgeport will leverage off HLB Mann Judd Financial Services’ adviser business expertise advising the defence force as well as retain its own retirement planning focus.
Malouf said while the group plans to enter into further acquisition deals with planning groups, there are no deals in progress at present.
Bridgeport Financial Services manages about $750 million of assets on behalf of its15,000 clients.
