Investor Group bolsters Sydney presence
Four Sydney partners of independent dealer group Bentleys MRI Australia (BMRIA) are to join listed accountancy and financial planning group Investor Group through its subsidiary WHK Greenwoods by the end of the month.
The four partners, who recently announced their intention to withdraw from Bentleys MRI, operate predominantly in the business advisory services area, notably in the aged and health care sector.
Their addition will bring to 28 the total number of principals at WHK Greenwoods, which has an annualised income of more than $35 million.
Based on 2004-05 trading results, the four new partners expect to generate annual fee income of approximately $3.5 million, according to Investor Group managing director Kevin White.
White said they will receive a “cash consideration based on their individual level of revenue and contribution to the firms’ profitably over the next 12 months”.
“This will provide the new partners with a meaningful incentive to contribute strongly to revenue and profit growth over the period,” he said.
The agreement follows the acquisition by Investor Group of prominent Melbourne-based accountancy practice Schoenfeld in June.
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
