Chant West is pleased to announce its acquisition by Enzumo Limited in a move that brings together two highly complementary financial services firms. Chant West’s research-driven services in the superannuation and pension markets, combined with Enzumo’s expertise in financial technology, will open up fresh opportunities across the combined group’s client base, which includes the majority of Australia’s wealth management businesses.
Enzumo Limited is an ASX listed company (code ENZ) that specialises in providing financial technology and e-learning services to the financial planning industry. It is the leading independent XPLAN customising provider in Australia. It has an impressive client base that includes the wealth management businesses of major banks as well as many non-institutional financial planning practices. Many of its clients are also clients of Chant West.
Chant West principal Warren Chant, who will take a seat on the Enzumo board of directors, is enthused about the synergies between the two groups and what they might lead to in terms of new and enhanced services to an expanded client base.
“It’s one of those situations where the whole really will be greater than the sum of the parts,” he says. “Our business is, and always will be, founded on high quality superannuation and pension research. That’s at the core of everything we do. The way we deliver that research and make it useful to our clients is through technology. Technology is the great enabler.
“By teaming with Enzumo, we will have access to expertise in financial technology that is second to none in Australia. That will enable us not only to broaden and enrich the services we provide to our existing clients, but also to integrate other services into our offering that have already been developed by Enzumo and can be tailored to our clients’ needs.
“Alongside Enzumo, we can also build new technology-based products and services to cater for the changing needs of our clients – and theirs, because to a large extent we are operating in the same space. Both of us bring a lot to the table, and the great thing is we do so as collaborators, not as former competitors.”
Chant stresses the importance of continuity for the firm’s established clients. “Nothing will change overnight, this is just the start of a new phase for us and the business we’ve built up over 18 years. Our clients are loyal, and maintaining those close relationships is paramount to us. The Chant West name, branding and ethos will continue as before, and our clients will continue to deal with the same people they are used to.
“While Chant West will be wholly owned by Enzumo, Andrea West and I will continue to run the business with our senior management team. We have committed to long-term contractual arrangements under the Enzumo umbrella, and we will also have significant equity in Enzumo. As well as me taking a seat on the Enzumo board, Andrea and I will both sit on the company’s Executive Committee.”
More details of the acquisition, which is subject to Enzumo shareholder approval at the upcoming AGM scheduled for 11 December, are contained in the company’s announcement to the market.