Australian wealth management firm Prime Financial Group (PFG) has acquired 20% stake in a Melbourne-based accounting and advice firm as part of its joint venture strategy.
The investment is part of PFG’s intention to increase the number of combined accounting and advisory investments incorporating wealth management.
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Simon Madder, managing director of PFG, said that PFG is currently undergoing due diligence which is expected to be completed within 30 days.
"The investment is a two-partner firm in Melbourne that turns over about US$4 million and is keen to grow itself to US$7.5 to US$8 million in turnover. We’ve purchased a 20% equity stake in the business on the accounting front.
"As part of that deal, we have become their wealth management partner on a 50:50 equity structure," Madder added.
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