Italian-backed wealth management firm AZ NGA has announced that one of its subsidiaries, Logiro Unchartered, has acquired a CBA-aligned advice practice.
According to a statement, Logiro has acquired Queensland-based Aspire SRS, which is licensed by Financial Wisdom.
Aspire provides advisory services to more than 500 clients and has over $110 million in assets under advice. This purchase nearly doubles the size of Logiro, the statement said, and completes a “significant milestone” for the firm.
Logiro chief executive Chris Shiels said, “In 2016, we wanted to achieve two key growth objectives.
“The first was to partner with a new shareholder who could provide access to capital and know-how. The second was to complete a large acquisition. We are delighted to have achieved both of these objectives,” he said.
AZ NGA had acquired Brisbane-based Logiro in August 2016, pushing the group's total assets under management to $3.3 billion.
“It was clear to me that we could help Logiro to grow,” said AZ NGA chief executive Paul Barrett.
“We were aware that Logiro wanted to make a large acquisition and were delighted to be able to introduce them to Glenn [Rice, Aspire SRS managing director] and enable the transaction to happen.”