Argyle Partnership acquired
Specialist financial services law firm The Argyle Partnership has been acquired by Integrated Legal Holdings in the first of its east coast expansion since being publicly listed in 2007.
Argyle, which has offices in Sydney and Melbourne, has an annual fee income of approximately $6.5 million, 30 per cent of which comes from high growth financial services, wealth management, and superannuation and taxation markets. The firm specialises in these areas as well as high-net-wealth estate planning.
The acquisition is a strategic move for Perth-based Integrated and will be a significant revenue boost for the company, which reported $10.7 million over 10.5 months in 2007-08.
The acquisition involved payment of cash from surplus cash reserves and approximately 4.14 million Integrated shares, issued among Argyle partners at 14 cents each.
Integrated’s directors believe the transaction will enhance the company’s growth prospects and said in a statement that the “effect of the transaction will be materially positive in terms of earnings per share É The full revenue and profit impact of the acquisition will be achieved from the 2009-10 financial year.”
Argyle principals Peter Bobbin and Andrew Ireland will continue to manage Argyle, which will remain under the Argyle brand.
AUTHOR
Amal Awad
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
