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
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
