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
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.