Perpetual picks up Grosvenor Financial Services
Perpetual has acquired Sydney advice firm Grosvenor Financial Services for $19.6 million, with the fund manager taking advantage of current market conditions to pursue its growth by acquisition strategy.
The acquisition price of $19.6 million will consist of $9 million cash, with the remainder issued in shares, which will be subject to earn outs over three years, a statement from Perpetual said.
Until the acquisition Grosvenor was a privately-owned firm, established in 2000 by principal Tim Eustace. The company has five advisers among its 30-odd employees. Perpetual said Grosvenor would operate as a 'specialist advisory division' of Perpetual Private Wealth. Gosvenor's clients are more than 200 high-net-worth individuals in the medical, dental and legal professions.
Perpetual Private Wealth group executive John Nesbitt said the acquisition was part of Perpetual's strategy to expand its private wealth business through acquisition, particularly in the high-net-worth space.
The group acquired Adelaide firm Argosy in January last year and Sydney firm Financial Pursuit in April this year.
Nesbitt said the current market was creating opportunities for such acquisitions, "which were not available 18 months ago", and Perpetual was continuing to assess other acquisition opportunities.
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