Today I am delighted to announce the launch of an innovative new wealth management business in Australia.
Next Generation Advisory Ltd (NGA) has been established to enable quality financial planning firms to come together to create a business with increased capability, scale, and financial strength.
Many talented financial planners in Australia are looking for an opportunity to scale up their operations, and build sustainable businesses that are able to serve their clients in an increasingly complex world. Many business owners are faced with limited funding options when it comes time to facilitate the next generation of business owners taking the reins. NGA can provide a solution.
NGA is backed by Azimut (AZ), Italy’s leading independently-owned wealth manager. AZ is listed on the Italian stock exchange and has a market cap of approximately $3.8 billion. AZ has over 1500 financial planners and operates in over ten countries around the world. AZ has developed a unique partnership model with local financial planning and asset management businesses globally as it continues to diversify its business beyond Europe. In partnership with AZ, NGA has secured an investment of over $100 million to facilitate the progressive acquisition of quality financial planning firms over time.
Pietro Giuliani, AZ Chairman and CEO, says that today AZ is setting to build a strong business in Australia with some of the most talented people in that market.
NGA will look to complete its first acquisition early in 2015. NGA is looking to partner with firms who have an excellent track record at putting their clients first, have highly qualified financial planners, are growing, and are looking for long term certainty for their clients and shareholders.
NGA will fund its acquisition strategy through an offer of cash and shares, and will offer attractive valuations for the highest quality firms.
I will take on the position of CEO and have employed Paul Brain (previously Senior Program Manager at Zurich) to take on the role of COO.
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