Australia’s Clime Investment Management has signed a deal to buy Melbourne-headquartered MTIS Wealth Management for approximately $5m (A$7m).

The transaction is expected to close on 1 July 2022.

Founded by Pauline Hammer and Anna Garuccio, MTIS specialises in wealth management, advisory, accounting and tax services.

The firm, which has a total gross annual revenue of approximately $3m, manages around $380m in funds under management or administration (FUM/A).

MTIS founders, whose experience and networks are said to be ‘highly complementary to Clime’, will remain with the firm for foreseeable future.

The acquisition follows Clime’s recent purchase of Ralton Asset Management and its strategic partnership with Torica Funds Management.

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Clime Investment Management CEO Annick Donat said that the transaction would expand the firm’s private wealth presence in Melbourne’s central business district and provide it with new market opportunities.

Donat added: “The acquisition of MTIS fits into Clime’s strategy to create wealth for our clients, supported by high quality advice.

“Pauline, Anna and the team have an outstanding track record of assisting their clients to achieve their financial aspirations, which aligns with our company values.

“We are delighted to have the MTIS team become part of the Clime family and look forward to a successful future together.”

MTIS is said to offer similar and complementary services provided by Clime Private Wealth.

Clime said that it will maximise synergies by merging the Melbourne offices with administration and AFS Licensing support from Madison Financial Group.

Clime combined with Madison Financial Group of Companies in 2020.