Azimut makes seventh Australian acquisition
Azimut has acquired RI Toowoomba (RIT) via its Australian subsidiary, AZ Next Generation Advisory.
The agreement includes a share swap of 49% of RIT’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 a two years period.
AZ NGA was established in November 2014 and is part of Azimut Group, Italy’s leading independent asset manager, established in 1989 and today operating in 14 countries with more than €36.8bn in AUM.
AZ NGA spent the first quarter of 2015 fine tuning its offer to quality financial planning firms with the first agreement closed in April. Since then AZ NGA has completed seven deals across Australia reaching a combined AUM of $1.8bn (equivalent to €1.2bn) in eight months.
According to AZ NGA CEO Paul Barrett “Our offer has been well accepted by quality financial planning firms due to our flexibility in approach, mix between solving succession planning and growth, and long term nature of the deal”.
AZ NGA’s latest partnership with RIT further expands its footprint into Queensland.
RIT has been operating since 1992 and is led by Jeff and Linda English. In that time RIT has achieved A$260m in AUM (equivalent to €170m), becoming a highly profitable and well recognised business. Jeff has been heavily involved in the Proprietors Advisory Council for the last decade and a regular member of Retireinvest’s high performer program “Platinum”.
Pietro Giuliani (pictured), Chairman and CEO of Azimut Holding, comments: “We have reached our first target to complete a successful stream of transactions with high quality financial planning companies across different regions.
“We are working hard to further expand their client base and AUM and these achievements enables us to look into 2016 with optimism and continue to attract entrepreneurs into our partnership model.
“Australia is becoming one of the most relevant foreign operations within our Group and we remain committed to invest and expand our footprint”.