Paul Barrett's Italian-backed financial services group, AZ NGA, has continued its growth strategy, announcing today it has signed a binding sale and purchase agreement to acquire 51 per cent of the capital of planning group, Harvest Wealth.
As with other AZ NGA transactions, the principals of Harvest Wealth, Lyn Heaysman and Matt Tuohey, have entered into long-term contracts to remain with the group under the new arrangements.
According to the AZ NGA announcement, the transaction underpinning the agreement includes a share swap of 49 per cent of Harvest Wealth's equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.
Barrett noted that this latest agreement follows the recently announced deals reached with Eureka Whittaker Macnaught, Pride Advice, Lifestyle Financial Planning Services, Financial Lifestyle Partners and Wise Planners, and is 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.
AZ NGA was established in November 2014 and is part of Azimut Group, Italy's leading independent financial planning and asset management company established in 1989, and today operating in 14 countries with more than $52 billion under management.
Harvest Wealth was created via a merger of three financial planning firms in 2006. It operates out of Victoria and has around $166 million in funds under advice and is a former Financial Wisdom practice of the year.
Commenting on the transaction, Barrett said Harvest Wealth represented a modern, client-centric financial planning practice.
"They are committed to educating their clients and their staff, and provide an outstanding example of how a professional firm should be run," he said.
Italy's Azimut Holding chairman and chief executive, Pietro Giuliani said that the company was approaching the end of 2015 with a solid track record built in seven months of consolidating Australian financial practices.