Paul Barrett has taken another step in his Australian dealer group play with Italy’s Azimut, announcing today that their vehicle, AZ NGA, had acquired a 51 per cent underlying stake in Adelaide-based planning business, Pride Advice.
The Pride Advice transaction, which involves a share swap of 49 per cent of Pride’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years, follows on from the recent announcement of AZ NGA having reached a deal with Sydney-based, Eureka Whittaker Macnaught.
Barrett said the latest transactions had served to confirm AZ NGA’s objective of consolidating Australian financial practices providing wealth management services to local retail, HNW and institutional clients in Australia.
The Adelaide-based Pride Group established by Brett Schatto has $180 millions in asseets under advice and employs nine staff and has been operating under the RI Advice Australian Financial Services License.
Barrett said that Pride founder, Schatto, would be appointed a board member of AZ NGA.
