Primed for growth
Prime Financial Group has acquired a 35 per cent stake in Cairns-based accounting and financial planning firm, Pacifica Chartered Accountants.
The acquisition by the Melbourne-based dealer group and wealth management firm follows its investment in West Australian-based ORD Group in March this year, and represents its fifth acquisition investment of an accounting and planning firm.
The latest acquisition, which includes the option to purchase a further 15 per cent equity in Pacifica, increases Prime’s representation to four capital cities — Melbourne, Sydney, Brisbane and Perth.
Pacifica is a growing firm, with offices in Cairns and Brisbane, and is generating approximately $4 million in revenue from accounting and advisory services, according to Prime managing director Simon Madder.
He said Pacifica’s acquisition was in line with Prime’s strategy of “investing in financial services and advisory businesses with the opportunity for growth”.
Prime, which has more than 40 licensed planners and $1.65 billion in funds under management, will “continue to establish, grow and invest in businesses within the financial services and adviser sector as and when they emerge”, he said.
Recommended for you
Adviser losses this week are quadruple the same period a year ago, with the industry falling into negative territory for the last 12 months.
Colonial First State has announced the latest manager to join its Edge managed accounts menu, focusing on providing investors with a strategic income.
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
