AZ Next Gen acquires another planning practice
The Paul Barrett-led, Italian-backed AZ Next Generation Advisory group has acquired yet another financial planning business — this time Sydney-based Priority Advisory Group (PAG).
Barrett confirmed today that AZ Next Generation Advisory Pty Ltd had signed a binding sale and purchase agreement to acquire the entire capital of PAG with the transaction entailing a share swap of 47 per cent of the company's equity for AZ NGA shares and a progressive buy back of these shares over the next ten years.
He said the remaining 53 per cent stake would be paid to the founding partners in cash over a period of two years.
PAG was initially founded in 1987 by Russel Marx and Alan Krowitz and operates out of Chatswood.
Barrett noted that Larry Fingleson took over as managing director in 2002 and will continue to lead the group in conjunction with his senior leadership team including David Gibson and Zvi Teichtahl with the leadership group havingl agreed to long term contracts to ensure continuity of service.
The PAG transaction follows from AZ Next Generation Advisory Pty Ltd's deals with Eureka Whittaker Macnaught, Pride Advice, Lifestyle Financial Planning Services , Financial Lifestyle Partners , Harvest Wealth, Wise Planners and RI Toowoomba, Empowered Financial Partners, and Wealthwise.
Barrett said the acquisition represented a continuation of AZ NGA's objective of consolidating high quality Australian financial practices providing wealth management services to retail, high net worth and institutional clients in Australia.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
