Avenue Capital Management's 30 financial advisers across 15 practices will become authorised representatives of IOOF's Lonsdale Financial Group, IOOF has announced.
IOOF indicated the deal was a partnering arrangement rather than a purchase of the group, but said the agreement would bring "significant" increases to Lonsdale's funds under administration.
Avenue advisers will now have access to a broad range of dealer services including practice management, corporate governance, research and software support, according to IOOF.
"In line with our desire to grow the Lonsdale business through quality practices, the addition of these 15 practices will significantly increase Lonsdale's adviser footprint in the [New South Wales] market," said Lonsdale chief executive Mark Stephen.
