Financial services firm Spitfire has purchased Wealthtrac, which develops and distributes wealth services for self-licensed advisers.
Financial terms of the transaction were not disclosed.
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Wealthtrac has an adviser client base of over 600.
The deal adds more than A$2bn ($1.4bn) in funds under management to Spitfire’s books.
It is said to boost the firm’s distribution capability.
Spitfire executive director Laurence Milne said: “We see three key benefits for Spitfire from our acquisition of Wealthtrac – an immediate boost to funds under management, the addition of substantial profitable revenue plus, the broad distribution network of self-licensed advisers who will support our future growth.’’
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By GlobalDataAs part of the deal, Wealthtrac CEO Matthew Johnson joined Spitfire and will now serve as the CEO of Spitfire.
Spitfire chairman Graham Maloney said: “It is a pivotal time for the company as we take our digital wealth platform to a broader market.
“Matt is an accomplished financial services executive with strong leadership skills and a successful track record of delivering significant growth in collaboration with clients.”
Additionally, Spitfire hired Anil Sagaram from BT Financial Group to serve as its new head of product.
In his two-decade long wealth management career, Sagaram also worked at Morgan Stanley (UK), Macquarie Bank, and GBST.
Spitfire plans to go public in the final quarter of this year.
