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Perpetual has moved further down its growth path for Perpetual Private Wealth, announcing today that it has acquired Melbourne-based advisory firm Fordham Group.
The company announced to the Australian Securities Exchange today that it had acquired Fordham, which has around $500 million in funds under management and advice.
Announcing the move, Perpetual chief executive David Deverall said the acquisition was highly complementary to the company’s private wealth strategy and filled a capability gap in its offering to the high-net-worth advice market as well as strengthening Perpetual’s presence in Victoria.
He said the acquisition price of approximately $35 million would be funded through a combination of internal resources and deferred consideration and was subject to an earn-out over four years.
