What do you get when you add an actuary and an accountant to a barrister and an economist?
It may sound like an old joke, but in this case you get Chase Corporate Advisory, which this week announced the appointment of Chris Jordan as executive chairman and former Count head, Andrew Gale, as executive director.
The two join Chase founder Jeff Singh and Richard English, appointed in July, at the helm of the boutique corporate-advisory and mergers-and-acquisitions (M&A) business, which was launched in early 2011.
For Gale, who has had plenty of time to reflect on his next role since leaving Count late last year, it is an opportunity to be at the forefront of the growing demand from accountancy and financial service sectors for M&A and related transaction-services expertise.
“It was a nice break and I knew I wanted to return to something with an entrepreneurial flavour to it,” he told Professional Planner Online.
“Over the next five years in particular, there will be a major change in ownership of both accounting and financial planning practices.
“For example, over 34 per cent of financial planners are aged over 50, and 14 per cent of all planners are expected to retire or seek a managed exit in the next five years.
“In many cases, there will also be increasing integration between accounting and planning practices.”
Reform did it
While pending financial reform has driven many practices and licensees to reconsider their ownership and operating structures over the past couple of years, Gale (right) believes further consolidation is imminent.
“There is expected to be continued strong consolidation of AFSL licensees, driven largely by regulatory reform, and also strong consolidation in both the funds-management sector and superannuation-funds sector, driven by industry dynamics,” he adds.
Committed business
Chase typically acts on behalf of vendors or entities looking to sell, change ownership structure or merge.
Financial-service entities include financial planning practices, licensees, fund managers and superannuation funds.
Economist Jeff Singh founded Chase Corporate Advisory, with barrister Richard English joining as a director in July.
Singh confirmed that Gale has also acquired a significant equity stake in Chase.
“This is a strong indication of Andrew’s commitment to the business,” he said.
Both actuary Gale and accountant Jordan have now started in their new roles.
Chase has to date completed eight transactions covering about $2.5 billion in FUA nationally and has further mandates with about $6 billion in FUA currently engaged.
