Clime acquires Melbourne wealth manager
Clime Investment Management has acquired Melbourne-based MTIS Wealth Management.
In an announcement to the Australian Securities Exchange (ASX), Clime said the $7 million price tag would be paid in three stages.
MTIS was a wealth management, advisory and accountancy firm and had around $380 million in funds under management and total annual gross revenue of around $3 million. Based in Melbourne, it had been in business for over 25 years.
Founders, Pauline Hammer and Anna Garuccio, were committed to staying with the business for the foreseeable future.
This followed comments by the firm earlier this year that it wanted to increase its adviser network by 5%-10% over the next year.
Clime chief executive, Annick Donat, said: “The acquisition of MTIS fits into Clime’s strategy to create wealth for our clients, supported by high quality advice. Pauline, Anna and the team have an outstanding track record of assisting clients to achieve their financial aspirations, which aligns with our company values.
“This transaction expands our private wealth presence in Melbourne’s CBD and creates new market opportunities for the group.”
The acquisition was expected to be completed in 1 July, 2022.
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.