Barrett-led AZ NGA takes Wise Planners stake
Yet another financial planning business has become part of the Paul Barrett-led and Italian-backed Azimut Australia AZ NGA group.
AZ NGA has announced the signing of a binding sale and purchase agreement to acquire 51 per cent of the capital of Wise Planners — the business established by Gareth Hall out of the restructuring of Lifestyle Financial Services.
According to an announcement issued by the two companies, the agreement includes a share swap of 49 per cent of Wise Planners equity for AZ NGA shares and a progressive buy back of the shares over the next 10 years.
The announcement said the latest agreement followed on from the recently announced deals reached with Eureka Whittaker Macnaught, Pride Advice, Lifestyle Financial Planning Services and Financial Lifestyle Partners.
It said the transaction represented a continuation of AZ NGA's objective of consolidating high quality Australian financial practices providing wealth management services to retail, high net worth and institutional clients in Australia.
The transaction means that AZ NGA now has offices in Adelaide, Brisbane, Sydney CBD, Chatswood, Melbourne, Geelong, and regional Victoria.
Commenting on the deal, Wise Planners chief executive, Gareth Hall, said the firm had been looking to take the step for some.
"We are delighted to partner with AZ NGA in order to continue to grow as well as ensure our succession objectives can be met. Most importantly our partnership with AZ NGA ensures that we can continue to service our clients for decades to come," he said.
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