Ninth operation for Azimuth in Australia: this time the asset management company took over the entire capital of Wealthwise, through its Australian subsidiary AZ Next Generation Advisory Pty Ltd. The agreement provides for a 49% swap of Wealthwise shares for AZ NGA shares and a progressive buy-back of these shares over the next 10 years. The remaining 51% will be paid to the founding members in cash over a two-year period.
The value of the transaction, including both the cash portion and the share swap, is approx 6,2 million euro: the completion of the transaction is scheduled for March 2016. This ninth agreement confirms the objective of AZ NGA, the subsidiary of Azimuti, to consolidate financial advisory businesses in Australia who offer asset allocation services to local retail and institutional clients.
AZ Next Generation Advisory has reached 2,4 billion Australian dollars (equivalent to 1,5 billion euros) in assets under management: it was set up in November 2014 and is controlled by the Azimut group, the Italian asset management group which operates in 14 countries worldwide with total assets under management of €36,2 billion at the end of January 2016.
Paul Barrett, CEO of AZ NGA, said: “We are delighted to welcome Wealthwise to AZ NGA's family of quality financial planners. Jamie, Sheila and the team have always been at the forefront of financial planning in Perth, and set an example for the entire industry. Wealthwise has built a strong business model but at the same time has not renounced a familiar and customer-focused approach.”
Peter Giuliani, Chairman and CEO of Azimut Holding, comments: “In the first two months of 2016 we managed to consolidate two profitable financial advisory companies, with over 320 million euros in assets, led by talented professionals and with a successful track record. Convinced of our long-term commitment and financial strength, we will continue to grow in Australia to create a strong platform for the benefit of all our customers and shareholders."
