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AZ NGA hits $3.1bn in AUM

AZ NGA hits $3.1bn in AUM

— 1 minute read

Italian-backed AZ Next Generation Advisory (AZ NGA) has acquired a NAB-licensed financial planning firm, taking the company's assets under management (AUM) to $3.1 billion.

AZ NGA has signed a binding sale and purchase agreement to buy the entire capital of JFS Personal Investment Solutions, which is licensed by NAB's Godfrey Pembroke dealer group.

The agreement includes a share swap of 49 per cent of JFS' equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.


JFS is responsible for about $158 million in assets under advice and comprises a team of six staff members.

AZ NGA chief executive Paul Barrett said: "JFS are a natural fit for AZ NGA as the team is led by a highly experienced financial planner in James Smith and has an exciting growth plan which we will be able to assist with."

The latest deal is the 12th in a string of acquisitions by AZ NGA, and a continuation of the company's effort to consolidate "high quality" Australian financial advice practices.

Other purchases by AZ NGA include Sterling Planners; Priority Advice Group; Eureka Whittaker Macnaught; Pride Advice; Lifestyle Financial Planning Services; Financial Lifestyle Partners; Harvest Wealth; Wise Planners; RI Toowoomba; Empowered Financial Partners; and Wealthwise.

In April, one of AZ Next Generation Advisory's subsidiary firms, Pride Advice, made an acquisition of its own, buying the Adelaide-based Bailey Capital Management.

AZ NGA was established in November 2014 and is part of the Azimut Group, an Italian independent asset manager operating in 14 countries.

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AZ NGA hits $3.1bn in AUM
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