AZ Next Generation Advisory (AZ NGA), the Australian arm of Italian asset manager Azimut Group, has agreed to acquire Dunsford Financial Planning (DFP), a Victoria-based financial planning firm, for around AUD6.1m ($4.6m).

Set up in  1983  by  Mark  Dunsford, DFP offers advice on financial  planning,  aged  care,  superannuation  and  pensions,  life  insurance,  estate  planning, business advice and major life events.

The deal involves a share swap of 49% of DFP equity for AZ NGA shares followed by a progressive buy-back of the shares over 10 years. The remaining stake will be paid in cash to DFP’s founding partners over two years.

Azimut Holding CEO Sergio Albarelli said: “We keep growing in Australia at a very solid pace adding valuable professionals to our team who will enable us to exploit every market opportunities we will come across. We look to close the year 2017 with further growth, both organic and external.”