Perpetual Private Wealth acquires Financial Pursuit
Perpetual has acquired funds manager advice firm Financial Pursuit, its second acquisition since buying Argosy Wealth Consultants in January last year.
Perpetual Private Wealth will increase its total funds under advice by about 3 per cent to around $6.4 billion through the acquisition.
Founded in 1991, the privately-owned Sydney-based Financial Pursuit has funds under advice of approximately $200 million, generating annual revenue of about $2 million a year, and provides specialist advice to more than 250 clients.
By contrast, Adelaide-based Argosy brought approximately $75 million in funds under advice and 100 high-net-worth clients.
Perpetual Private Wealth head John Nesbitt said acquiring Financial Pursuit was in line with the group's strategy to expand its private wealth business in the high-net-worth segment of the market.
He said Perpetual was continuing to identify and assess other high-net-worth financial advisory practices as acquisition opportunities.
The acquisition price for Financial Pursuit was not disclosed but Perpetual said the impact on its short-term results was not expected to be material.
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