A firm that was bought by AZ Next Generation Advisory (AZ NGA) has now made a purchase of its own, buying an Adelaide-based advice firm.
Pride Advice, which was previously aligned with RI Advice before being acquired by AZ NGA in June 2015, announced on Friday that it had purchased 100 per cent of the assets of Bailey Capital Management (BCM) which is licensed by ANZ-aligned RI Advice.
BCM is based in Adelaide and advises over 400 clients comprising $97,000,000 of funds under advice. BCM provides a range of financial advisory services including retirement planning, investment, insurance, SMSF, estate planning and strategic financial planning advice.
Pride Advice is led by chief executive Brett Schatto who commented: “BCM shares similar values to Pride including its belief in fee-based advice, a focus on service, and client best interests. Pride joined AZ NGA in order to accelerate our growth plan. This deal represents the first step in achieving our growth objectives."
AZ NGA chief executive Paul Barrett said its partnership with Azimut Holdings enables its subsidiaries to enter into M&A discussions.
“When proprietors enter into arrangements with AZ NGA, it is not only to solve their long term succession, but to enable growth. Brett has an ambitious plan for growth which in partnership with AZ NGA he is able to achieve,” he said.
"Another great benefit of our expansion is that we can now offer new equity participation in Pride Advice for the next generation of adviser/business owner.”
After the deal is completed, Pride Advice will be responsible for 1,100 clients and more than $250 million of FUA.
In April, AZ NGA bought its 10th advice practice, the Fortnum-aligned practice Priority Advisory Group.
AZ NGA was established in November 2014 and is part of the Azimut Group, an Italian independent asset manager that operates in 14 countries.
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