Equities & Freeholds (EQF) has announced its 25 per cent owned financial planning and wealth management arm, Incito, will increase its equity holding in Altitude Private Wealth to become the majority shareholder.
Incito will increase its shareholding in the Melbourne based advisory firm Altitude to 50.1 per cent, with the transaction due to settle on 1 July 2010.
Since EQF completed its recapitalisation in March this year, Incito has been on an active acquisition and review program.
Incito said it chose Altitude because the firm has recurring revenue of more than $700,000 per annum, which includes the recent purchase of the specialist risk client base from Snydale Financial Services.
The EQF board said it was very comfortable with the business’ outlook and opportunities, as it was with the two investments that Incito has made to date.
