Investment info firm acquires SA wealth practice
Investment information firm Equity Story has signed a binding heads of agreement to acquire South Australian financial advisory and stockbroker Baker Young.
The firm said the acquisition will enhance its national footprint with retail and high-net-worth investors and expand its wealth management division.
Baker Young operates a private client investment business with ASX-listed stocks execution and advice, portfolio management, wealth advisory, and corporate advisory. It also has an individually managed account (IMA) platform with $180 million.
Under the terms of the transaction, Equity Story will acquire Baker Young’s business and specified assets (including intellectual property and branding) for $4.2 million, comprising an upfront payment of $3 million (subject to adjustments) and an earnout component of $1.2 million.
Equity Story said the transaction is expected to include a profit-share model for Baker Young’s advisers and staff which will help to attract more advisers to the firm as it expands. It also provides scale-up opportunities to over 6,000 Baker Young client accounts.
Baker Young founders, Alan Young and David Baker, will remain at the business in key roles to ensure a seamless transition, and the brand will become a division of Equity Story.
Shane White, chief executive of Equity Story, said: “This opportunity expands our wealth advisory platform, strengthens our corporate advisory reach, and delivers national scale – all while remaining deeply aligned with our mission to improve investment outcomes for Australians.”
Young and Baker added: “We’ve spent four decades building Baker Young on a foundation of trust, personalised service, and consistent performance. Joining Equity Story allows us to continue that tradition while expanding our reach, resources, and digital capabilities. We’re energised by the vision Shane, Brendan, and the EQS team are pursuing, and we’re proud to be a part of it.”
The deal is subject to shareholder approval and a formal asset sale and purchase agreement.
AUTHOR
Laura Dew
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