Aura acquires AFG
Advisory and funds management firm, Aura Group, has purchased a majority stake in financial advice, training and product services provider, Accountable Financial Group (AFG).
The transaction, announced this week, is based on a cash offer which results in Aura Group owning a majority stake in AFG with the company's existing management retaining day-to-day operating responsibility for the company.
The transaction announcement said that AFG had been founded by Tony Zulli in response to the removal of the accountants' exemption on 1 July 2016, resulting in accountants requiring appropriate licensing under an Australian Financial Services License (AFSL) structure to continue providing SMSF and superannuation advice.
Aura Group managing director, Calvin Ng said the acquisition of AFG was compelling as demand for services which allowed accountants to continue providing advice to SMSFs would remain popular as the removal of the accountants' exemption drew closer.
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