Barrett’s AZ NGA acquires planning business

AZ-Next-Generation-Advisory/Paul-Barrett/financial-planning/

25 August 2017
| By Jassmyn |
image
image
expand image

Paul Barrett-led, Italian-backed AZ Next Generation Advisory (AZ NGA) has again expanded its footprint, this time through the acquisition of Farrow Hughes Mulcahy Financial Services (FHM).

AZ NGA signed a binding sale and purchase agreement to acquire the entire capital of FHM on Thursday that included a share swap of 49 per cent of Farrow Hughes Mulcahy’s equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years. The remaining 51 per cent stake will be paid to the founding partners in cash.

Barrett said FHM was a natural fit and was led by highly experienced financial planners.

FHM financial planner, Daniel Mulcahy, said: “It’s great to be able to secure our futures using this long-term succession solution and ‘de-risk’ our succession in a volatile, competitive market”.

“This, combined with being part of a group of planners whom we respect and admire, make us very excited about the future of FHM,” he said.

The FHM team currently has eight advisers and has been providing wealth accumulation and protection advice for over 25 years.

AZ NGA said it had shortlisted a number of financial planning firms for further potential consolidation.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS