Investor Group makes last Stockford acquisitions
InvestorGrouphas made what it says will be the last acquisitions from the remnants of theStockfordgroup, acquiring the Stockford Hobart and Bathurst businesses.
These purchases bring the total number of Stockford businesses acquired by Investor Group to four, with the Collins Street and Richmond businesses brought on board last month.
The acquisitions cost the group $1.3 million and 500,000 Investor Group shares, currently trading at $1.70, which will be issued to the respective principals of the two firms over two years.
According to Investor Group managing director Kevin White, the Hobart and Bathurst businesses will be integrated into the existing Investor Group member firms Moore Robsons in Hobart and Darcy Kennedy in Dubbo.
“This approach is consistent with Investor Group’s strategy of achieving scale and operational efficiencies within each of our core regional member firms,” White says.
Stockford Hobart, an accounting and financial planning business with approximately $35 million in funds under advice, will revert to its former name of Garity Hurd until the practice has been fully integrated with Moore Robsons.
The merged business will form the largest accounting group in Hobart with revenue over $5 million per year and financial planning funds under advice of approximately $50 million.
Stockford Bathurst, which is a traditional accounting business, will operate as a stand-alone office of Darcy Kennedy, which will become the largest public accounting firm in NSW’s central west region, with over 100 staff and revenue of more than $9.5 million per year.
White says no further Stockford business acquisitions are being considered by the group.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
