AZ Next Generation Advisory (AZ NGA), the Australian subsidiary of Italian group Azimut, has signed an agreement for the full acquisition of Sydney-based financial adviser Henderson Maxwell (HM).
The agreement includes a share swap of 49% of Henderson Maxwell’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years. The remaining 51% stake will be paid to the founding partners in cash over the next two years.
The total value of the transaction – considering both the cash and share swap – amounts to some A$11.6m (€7.5m).
Since May 2015, AZ NGA has carried out several acquisitions aimed at expanding its presence in Australia including that of Menico Tuck Parrish Financial Services (MTP) in May, the acquisition of Farrow Hughes Mulcahy (FHM) in August, and Dunsford Financial Planning’s purchase in November.
Sergio Albarelli, CEO of Azimut Holding, said: “Henderson Maxwell is another solid firm who took the decision to share its growth and succession plan with AZ NGA and the Azimut Group. We have had an incredible run during 2017 and we believe we will be able to continue to exploit the opportunities offered by the Australian financial practices market for many years to come. Since the start of our operations AZ NGA has completed 20 transactions, without counting the several book-buys completed by financial practices already part of our family.”
Henderson Maxwell, established in 2004, has around A$170m (€110m) of client funds under management.
The Azimut Group – through AZ NGA – manages currently A$6.4bn (€4.1bn) assets in Australia.