AZ Next Generation Advisory (AZ NGA), the Australian arm of Italian asset manager Azimut Group, has agreed to acquire Farrow Hughes Mulcahy (FHM) in a deal worth around AUD9.3m ($7.3m).

FHM, which operates in North Sydney, provides wealth accumulation, retirement planning, insurance, and strategic financial planning advice. The firm currently has eight advisers and manages AUD734m in client funds.

The deal involves share swap of 49% of FHM’s equity for AZ NGA shares, and a progressive buy back of the shares over 10 years. The remaining 51% holding will be paid in cash to FHM’s founding partners over two years.

AZ NGA CEO Paul Barrett said: “FHM are a natural fit for AZ NGA as the team is lead by highly experienced financial planners in Craig Hughes and Daniel Mulcahy supported by general manager Michael Furness. They have an exciting growth plan which we will be able to assist with.”