Powered by MOMENTUM MEDIA

AZ NGA hits $3.1bn in AUM

By Reporter
 — 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.

Advertisement
Advertisement

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.

Read more:

Aussie equity managers return 3.8% in May

CBA appoints group general counsel

Beware the ‘power of the crowd’: Medcraft

Colonial First State launches new Asian fund

Retail OTC market 'non-compliant', says ASIC

Join the debate to improve the issues that surround affordability and accessibility within the advice industry at ifa’s brand-new event, ifa Future Forum.

Join your peers to uncover game-changing industry solutions to pave the way for solving the problem of accessibility and affordability. Utilise your extensive knowledge to formulate ideas and help futureproof advice. Register your free place now! ifafutureforum.com.au

 

AZ NGA hits $3.1bn in AUM
investordaily image
ID logo

 

related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.