Financial advisory firm AAA Financial Intelligence (AAAFI) has sold a 20 per cent interest in the group as part of its expansion plans.
Financial services firm Lifestyle Asset Management (Lifestyle) bought the stake in the small to medium-sized dealership through its Lifestyle Private Equity fund late last week.
The decision to sell off the stake is part of AAAFI's plan to broaden its business amid regulatory change, AAAFI managing director Errol Rabaud said.
"This is an exciting time for AAAFI and its subsidiary companies. We look forward to what this new relationship will bring to the business," Rabaud said.
"This purchase has been a focus for the past eight months, so we are very prepared for the implementation phase now that Lifestyle is on board."
The agreement between AAAFI and Lifestyle will initially be through a joint venture, with AAAFI subsidiary AAA Shares Pty Ltd.
AAAFI will remain in control of its business with a substantial shareholding held by its advisers, management and board, Rabaud said.
Lifestyle chief executive Murray Priestley said the company intends to build two key businesses with AAAFI that will deliver better value and performance both to retail clients and to the AAAFI advisers.
