AZ NGA acquires stake in SCM Financial Group

AZ-NGA/M&A/

1 December 2022
| By Rhea Nath |
image
image
expand image

AZ Next Generation Advisory (AZ NGA) has acquired a stake in SCM Financial Group (formerly Scholten Collins McKissock) following a competitive tender process.

The strategic partnership would enable SCM to accelerate growth, pursue potential expansion, and enhance its service offerings.

SCM was a diversified wealth management, financial planning, accounting and finance business. 

According to Aubrey Roga, SCM Financial Group managing partner and chief executive, the company had been looking for a business partner that would support the building of a strong, national professional advisory brand. 

“In order to succeed in the future, advice businesses need to evolve. They need capacity, capability and scale. We wanted a specialist capital partner to help us achieve our strategic objectives and realise our vision.

“This partnership increases our ability to attract and retain the next generation of financial advisers and business leaders. This is increasingly important given the current global skills shortage and war for talent.”

He added that the deal is structured in a way that “minimises the dilution of ownership of existing shareholders but maximises value for all parties”.

Paul Barrett, AZ NGA chief executive, termed SCM a “very impressive, diversified business” with ambitious plans for the future. 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS