Primed for growth
Prime Financial Group has acquired a 35 per cent stake in Cairns-based accounting and financial planning firm, Pacifica Chartered Accountants.
The acquisition by the Melbourne-based dealer group and wealth management firm follows its investment in West Australian-based ORD Group in March this year, and represents its fifth acquisition investment of an accounting and planning firm.
The latest acquisition, which includes the option to purchase a further 15 per cent equity in Pacifica, increases Prime’s representation to four capital cities — Melbourne, Sydney, Brisbane and Perth.
Pacifica is a growing firm, with offices in Cairns and Brisbane, and is generating approximately $4 million in revenue from accounting and advisory services, according to Prime managing director Simon Madder.
He said Pacifica’s acquisition was in line with Prime’s strategy of “investing in financial services and advisory businesses with the opportunity for growth”.
Prime, which has more than 40 licensed planners and $1.65 billion in funds under management, will “continue to establish, grow and invest in businesses within the financial services and adviser sector as and when they emerge”, he said.
Recommended for you
The financial advice industry has enjoyed another week of strong new entrant numbers, totalling nearly 40 for the past fortnight, thanks to the latest exam passes.
Momentum Media’s wealth publishing network – comprising InvestorDaily, ifa, SMSF Adviser, Money Management, and Super Review – is proud to launch the annual Australian Wealth Management Awards.
Investment information firm Equity Story has signed a binding heads of agreement to acquire South Australian financial advisory and stockbroker Baker Young for $4.2 million.
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.
