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.
Recommended for you
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
