Barrett’s AZ NGA take another stake
Paul Barrett has taken another step in his Australian dealer group play with Italy's Azimut, announcing today that their vehicle, AZ NGA, had acquired a 51 per cent underlying stake in Adelaide-based planning business, Pride Advice.
The Pride Advice transaction, which involves a share swap of 49 per cent of Pride's equity for AZ NGA shares and a progressive buy back of these shares over the next ten years, follows on from the recent announcement of AZ NGA having reached a deal with Sydney-based, Eureka Whittaker Macnaught.
Barrett said the latest transactions had served to confirm AZ NGA's objective of consolidating Australian financial practices providing wealth management services to local retail, HNW and institutional clients in Australia.
The Adelaide-based Pride Group established by Brett Schatto has $180 millions in asseets under advice and employs nine staff and has been operating under the RI Advice Australian Financial Services License.
Barrett said that Pride founder, Schatto, would be appointed a board member of AZ NGA.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
