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August 13, 2021updated 30 Aug 2021 8:40am

Perpetual acquires boutique wealth advisory firm Jacaranda

By Johney Amala

Perpetual has acquired Jacaranda Financial Planning, a boutique wealth advisory firm based in Sydney and Melbourne, for an unknown sum.

The acquired entity focuses on high-net-worth (HNW) market segment with funds under advice (FuA) of A$915m as of 30 June 2021.

Perpetual CEO and managing director Rob Adams remarked that the deal is in line with the company’s strategy of bringing the industry’s best advisers to Perpetual.

Adams said: “In Jacaranda we’ve identified a fast-growing financial planning business with a high quality advice model and culture closely aligned to Perpetual’s, providing Perpetual with an opportunity to help Jacaranda continue to scale efficiently and increase our overall share of the high net worth market on Australia’s eastern seaboard.”

The deal would add 24 professionals, including nine experienced advisers.

Perpetual Private group executive Mark Smith said: “Jacaranda has consistently grown funds under advice by more than $100m a year over the last five years, and under Perpetual’s ownership, has a clear opportunity to continue this growth trajectory, particularly by leveraging Perpetual’s strong presence on the eastern seaboard.”

As part of the deal, Jacaranda founding principals Brett Stene and Jeannie McKenzie will remain with the business.

Commenting on the deal, Stene said: “We see an enormous potential to leverage Perpetual’s expertise, institutional grade infrastructure, and back office resources for the benefit of our clients, while enabling them access to additional capability in investment management, retirement planning and philanthropy.”

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