AZ NGA acquires stake in SCM Financial Group
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.
AUTHOR
Rhea Nath
Recommended for you
AMP non-executive director Kathleen Bailey-Lord and Iress non-executive director Susan Forrester have been appointed to the national board of the Australian Institute of Company Directors.
Wealth manager JBWere has announced the launch of two fixed income strategies for wholesale clients, backed by UBS Asset Management.
Firetrail Investments has confirmed the departure of four executives over the last quarter, including head of investment strategy Anthony Doyle.
Ares Management has announced a new offering aimed at providing Australian wholesale clients, investors access to its private equity investment strategies, anchored in secondary investments.
