Euroz, a Perth-based stockbroking and funds management firm, has agreed to purchase Entrust Private Wealth Management, which has FUM of $565m, for about $7.8m.

The agreement will include $2.35m in cash and the issuance of 5.45 million Euroz shares.

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Subject to certain conditions including completion of due diligence by the parties, the acquisition is expected to complete on 13 July 2015.

Following the deal, Entrust will become a wholly owned new subsidiary of Euroz as well as retain its operating brand and the team of investment professionals and support staff.

Under the deal, Entrust’s founders Graeme Yukich and Andrew Fry will remain as executive chairman and managing director respectively for this new subsidiary and will be in charge for driving growth in the business.

The acquisition will see Entrust integrating with the Euroz businesses and offering wealth management and strategic financial planning support to Euroz Group.

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Euroz executive chairman Andrew McKenzie said: "Our established WA market position, research, institutional and equity capital market strength will provide greater opportunities for all Entrust clients in the merged Group."

Entrust executive chairman Graeme Yukich said: "Our entire team is excited with the opportunity to join Euroz and importantly, build on our current client service offering to our significant high net worth client base."

"The business will continue to operate under the Entrust Private Wealth Management brand and our clients will experience a seamless transition. We believe the Euroz corporate brand and $115 million balance sheet strength will provide significant opportunities to our clients in the future."