Pride Advice, a subsidiary of AZ Next Generation Advisory’s (AZ NGA’s), has fully acquired RI Advice- licensed firm Bailey Capital Management (BCM).
Adelaide-based BCM has more than 400 clients, which represents nearly $97mn in funds under advice.
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The acquisition will bring Pride Advice’s total funds under advice to $250m, managing 1,100 clients.
Pride Advice CEO Brett Schatto said: "BCM shares similar values to Pride including its belief in fee-based advice, a focus on service, and client best interests. Pride joined AZNGA in order to accelerate our growth plan. This deal represents the first step in achieving our growth objectives."
AZ NGA CEO Paul Barrett added: "When proprietors enter into arrangements with AZ NGA, it is not only to solve their long term succession, but to enable growth. Brett has an ambitious plan for growth which in partnership with AZ NGA he is able to achieve.
"This is a landmark deal for AZ NGA because it enables us to solve succession for businesses like BCM where the business owner does not want to commit to the long-term."
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