Aura Group, a multinational investment manager and corporate advisory firm with offices in Sydney and Singapore, has bought a majority stake in Accountable Financial Group (AFG), a Sydney-based self-licensed financial advice firm.
AFG offers SMSF, insurance as well as investment advice. The firm manages just under $1bn in funds under advice from over 2,000 SMSFs.
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Aura Group managing director Calvin Ng said that the takeover is attractive in the light of the removal of the accountants’ exemption to offer advice to self-managed superannuation funds (SMSFs), which will be effective from 1 July of next year.
"The business model of AFG is attractive as it provides clients a genuine end-to-end solution with the ability to tailor very basic or comprehensive solutions to meet the needs of all accountants," Ng remarked.
AFG founder Tony Zulli said that the capital from the acquisition would be used to increase licensing revenue and drive business growth.
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