Barrett’s AZ NGA signs up seventh planning group

financial-planning/dealer-groups/

15 December 2015
| By Mike |
image
image
expand image

Italian-backed financial planning dealer group play being headed by Paul Barrett, AZ NGA, has added another financial practice bringing the total number of firms now operating under its auspices to seven.

Barrett announced today that the group had signed a binding sale and purchase agreement to acquire 51 per cent of the capital of another former Retire Invest business — this time RI Toowoomba.

The announcement said the agreement included a share swap of 49 per cent of RI Toowoomba's equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.

The transaction means that AZ NGA now has a presence in Sydney, Brisbane, Adelaide, Melbourne and regional areas of Victoria and Queensland.

The companies to join the group include Eureka Whittaker Macnaught, Pride Advice, Lifestyle Financial Planning Services, Financial Lifestyle Partners, Wise Planners, Harvest Wealth and RI Toowoomba.

Commenting on the latest transaction, Barrett said the company's offer had been well accepted due to its long-term nature, flexibility in approach, and mix of solving succession planning and growth.

AZ NGA was established in November last year as part of Italian independent asset manager, Azimut Group.

Barrett said the firm had spent the first quarter of this year fine tuning its offer to quality financial planning firms with the first agreement closed in May and that, since then, seven deals had been announced across Australia taking AZNGA's combined funds under advice to $1.8 billion in eight months.

The RI Towoomba transaction is expected to be completed in January, next year.

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?...

2 months 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 1 week 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...

3 weeks 1 day ago

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

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS