Clime acquires Melbourne wealth manager
Clime Investment Management has acquired Melbourne-based MTIS Wealth Management.
In an announcement to the Australian Securities Exchange (ASX), Clime said the $7 million price tag would be paid in three stages.
MTIS was a wealth management, advisory and accountancy firm and had around $380 million in funds under management and total annual gross revenue of around $3 million. Based in Melbourne, it had been in business for over 25 years.
Founders, Pauline Hammer and Anna Garuccio, were committed to staying with the business for the foreseeable future.
This followed comments by the firm earlier this year that it wanted to increase its adviser network by 5%-10% over the next year.
Clime chief executive, Annick Donat, said: “The acquisition of MTIS fits into Clime’s strategy to create wealth for our clients, supported by high quality advice. Pauline, Anna and the team have an outstanding track record of assisting clients to achieve their financial aspirations, which aligns with our company values.
“This transaction expands our private wealth presence in Melbourne’s CBD and creates new market opportunities for the group.”
The acquisition was expected to be completed in 1 July, 2022.
AUTHOR
Laura Dew
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
