The 2013 acquisition of Capricorn Investment Partners Limited has paid dividends for publicly-listed diversified professional services firm, ILH Group Limited.
The company announced to the Australian Securities Exchange (ASX) that while its legal services businesses had struggled in difficult markets, the acquisition of wealth management business had paid dividends.
The performance of its wealth management acquisition was such that the company flagged in its ASX announcement that it anticipated further acquisition "in line with its complementary business strategy".
"The Board is pleased to report that the wealth management business, Capricorn Investment Partners Limited (incorporating Pentad Group) has exceeded expectations in earnings, synergy opportunities with the legal businesses and earnings growth potential," the ASX announcement said.
"Funds under management have grown 7.6 per cent since the acquisition of this business to approximately $480 million," it said.
The ASX announcement also flagged what was described as a "fundamental shift in strategy and business model" with aggregation being turned into integration.
"Under the integration model, ILH will operate as one business rather than a portfolio of independent businesses, with a focus on maximising Group client relationship opportunities with an integrated back office targeting operational efficiencies," it said.
ILH is comprised of a number of professional services firms including law firms such as Rockwell Olivier and corporate advisory firm, Eaton Capital Partners.
