Barrett’s AZ NGA acquires planning business
Paul Barrett-led, Italian-backed AZ Next Generation Advisory (AZ NGA) has again expanded its footprint, this time through the acquisition of Farrow Hughes Mulcahy Financial Services (FHM).
AZ NGA signed a binding sale and purchase agreement to acquire the entire capital of FHM on Thursday that included a share swap of 49 per cent of Farrow Hughes Mulcahy’s equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years. The remaining 51 per cent stake will be paid to the founding partners in cash.
Barrett said FHM was a natural fit and was led by highly experienced financial planners.
FHM financial planner, Daniel Mulcahy, said: “It’s great to be able to secure our futures using this long-term succession solution and ‘de-risk’ our succession in a volatile, competitive market”.
“This, combined with being part of a group of planners whom we respect and admire, make us very excited about the future of FHM,” he said.
The FHM team currently has eight advisers and has been providing wealth accumulation and protection advice for over 25 years.
AZ NGA said it had shortlisted a number of financial planning firms for further potential consolidation.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
