Perpetual acquires Fordham Group


|
Perpetual has moved further down its growth path for Perpetual Private Wealth, announcing today that it has acquired Melbourne-based advisory firm Fordham Group.
The company announced to the Australian Securities Exchange today that it had acquired Fordham, which has around $500 million in funds under management and advice.
Announcing the move, Perpetual chief executive David Deverall said the acquisition was highly complementary to the company’s private wealth strategy and filled a capability gap in its offering to the high-net-worth advice market as well as strengthening Perpetual’s presence in Victoria.
He said the acquisition price of approximately $35 million would be funded through a combination of internal resources and deferred consideration and was subject to an earn-out over four years.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.