Barrett’s AZ NGA further expands footprint


The Paul Barrett-led AZ NGA group has further extended its footprint, picking up another RI Advice-licensed firm, this time via a transaction which has seen Pride Advice acquire 100 per cent of the assets of Adelaide-based planning practice Bailey Capital Management (BCM).
Pride Advice has been a member of the AZ NGA network since June last year and BCM is licensed to RI Advice.
Barrett described the transaction as having solved a succession issue for BCM.
"When proprietors enter into arrangements with AZNGA, it is not only to solve their long-term succession, but to enable growth," he said noting that the principal of Pride Advice, Brett Schatto had an ambitious plan for growth.
"This is a landmark deal for AZ NGA because it enables us to solve succession for businesses like BCM where the business owner does not want to commit to the long-term," Barrett said.
BCM founding Principal, Ken Bailey, said he believed a 10-year deal with AZ NGA would be too long because he wished to retire much sooner and noted that the acquisition by Pride Advice accommodated this factor.
BCM advises over 400 clients comprising $97 million of funds under advice (FUA), and is licensed with RI Advice. After the deal, Price Advice will be responsible for 1,100 clients and over $250 million of FUA.
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