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.
ANZ has agreed to defer the sale of its One Path Pensions & Investments business to IOOF Holdings, with the firms adding amendments in t...
Australia has driven down corporate deal making activity in the Asia-Pacific region over 2018 amid growing concerns over compliance and ambi...
Fiducian Financial Services has purchased a financial planning business in Geelong, Victoria, bringing in $160 million in funds under advice...