Clime acquires Melbourne wealth manager



Clime Investment Management has acquired Melbourne-based MTIS Wealth Management.
In an announcement to the Australian Securities Exchange (ASX), Clime said the $7 million price tag would be paid in three stages.
MTIS was a wealth management, advisory and accountancy firm and had around $380 million in funds under management and total annual gross revenue of around $3 million. Based in Melbourne, it had been in business for over 25 years.
Founders, Pauline Hammer and Anna Garuccio, were committed to staying with the business for the foreseeable future.
This followed comments by the firm earlier this year that it wanted to increase its adviser network by 5%-10% over the next year.
Clime chief executive, Annick Donat, said: “The acquisition of MTIS fits into Clime’s strategy to create wealth for our clients, supported by high quality advice. Pauline, Anna and the team have an outstanding track record of assisting clients to achieve their financial aspirations, which aligns with our company values.
“This transaction expands our private wealth presence in Melbourne’s CBD and creates new market opportunities for the group.”
The acquisition was expected to be completed in 1 July, 2022.
Recommended for you
Wrapping up the reporting season for the 2024–25 financial year, Money Management rounds up the results of Australia’s listed platforms.
Investment platform Praemium has announced an integration with fund services firm Clearstream’s platform into Praemium Spectrum, expanding advisers’ access to global funds and greater operational efficiency.
Financial services firm Akambo has rebranded itself as an investment management and asset consulting business after almost two decades of operation, targeting $20 billion in assets under management.
Big four bank Westpac is seeking to expand the BT Panorama investment offering through strategic alliances as well as launching a low-cost offering.