AZ Next Generation Advisory (AZ NGA), the Australian unit of Azimut, has agreed to acquire the entire capital of Wise Planners (WP) for A$4.5m.
The terms of the deal includes a share swap of 49% of WP’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The remaining 51% of FLP stake will be paid in cash to founding partners over a period of two years.
The deal is part of AZ NGA’s objective of consolidating high quality Australian financial practices providing wealth management services to retail, HNW and institutional clients in Australia.
Wise Planners, which was formed in November 2014 following a restructuring of Lifestyle Financial Services, provides a range of financial planning services including investment and asset allocation advice, retirement planning, insurance, and strategic financial planning advice to clients.
Wise Planners currently manages $410m (EUR262m) of assets under advice and operates out of Chatswood, on Sydney’s North Shore.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFollowing the acquisition, Gareth Hall founded Lifestyle Financial Services will remain as CEO of Wise Planners. The transaction is expected to close in November 2015.
Gareth Hall said: "We’ve been looking for the next step in our business journey for some time, and are delighted to partner with AZ NGA in order to continue to grow as well as ensure our succession objectives can be met. Most importantly our partnership with AZ NGA ensures that we can continue to service our clients for decades to come."
