Barrett in Italian-backed FP acquisition play
Former Commonwealth Financial Planning and ANZ Wealth senior executive, Paul Barrett has emerged at the top of a new financial planning business backed by leading Italian wealth management company, Azimut.
Barrett has announced the establishment of Next Generation Advisory (NGA) and a partnership with Azimut to invest $100 million to facilitate what he describes as the "progressive acquisition of quality financial planning firms over time".
In a joint announcement, issued with Barrett, Azimut chairman and chief executive, Pietro Guilani said the company is setting to build a strong business in Australia with some of the most talented people in the market.
Barrett said NGA expected to complete its first acquisition in early 2015.
He said the company would be funding its acquisition strategy through an offer of cash and shares, and would offer attractive valuations for the highest quality firms.
Barrett said he would be taking on the position of chief executive officer and that former Senior Program Manager at Zurich, Paul Brain, had been employed as Chief Operating Officer.
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