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.
AUTHOR
Laura Dew
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
