AXA Asia Pacificis set to establish its fourth financial advisory business in Australia, following its agreement to pay $201 million for the purchase of financial services group Sterling Grace Portfolio Management.
Sterling Grace, a financial services and advisory business, operates under the Monitor Money financial planning brand in Australia, and as Spicers financial planning in New Zealand.
Monitor Money’s 26 advisers in nine offices and Spicers’ 62 advisers and 26 offices creates a new advisory network and fourth distribution outlet for AXA, operating alongsideCharter Financial Services Altus Financial Services
The business has more than $2.6 billion in funds under administration and annual inflows of $500 million from internal and external financial planners.
AXA Asia Pacific group chief executive Les Owen says the acquisition of the Sterling Grace business reflects the group’s strategy to focus on wealth management in Australia and New Zealand.
“The acquisition of Monitor Money will accelerate our growth and penetration into the independent financial planning market in Australia,” he says.
“In New Zealand Spicers and AXA will, together, be the pre-eminent retail investment manager and provider of financial planning services.”
AXA’s purchase of the business is subject to approval from the Foreign Investment and Review Board in Australia, and is expected to be completed by mid November.
