WHK acquisitions continue
By Darin Tyson-Chan
Listed financial planning and accounting business WHK Group , formerly known as Investor Group, has continued its strategy of expansion through acquisition with the addition of three practices.
Included in the latest round of acquisitions is Colenso Financial Planning, the affiliated financial advisory arm of Colenso Accounting that was brought into the WHK Group on October 1, 2005, and integrated into the operations of WHK Day Neilson.
The newly purchased financial planning practice currently has $16 million in funds under advice and will boost the member firm’s revenue by $50,000.
Melbourne-based accounting firm Ray Clarke & Associates is another new entity to join the WHK Group. It will be merged with WHK Manning + Perry, with a view to boosting the member firm’s financial planning operations with its client base, which includes over 80 self-managed super funds.
This round of acquisitions has also seen the group expand its presence in New Zealand with the purchase of accounting firm Burns McCurrach.
The latest additions to the WHK Group reaffirms the organisation’s aggressive acquisitions strategy initiated in July last year.
Since then, the group has made 12 new purchases that have increased its annualised revenue by $24.2 million.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
