While banks are dismantling their vertically integrated business models, asset management-cum full service wealth firm Clime Investment Management is looking to further diversify its business by pursuing a deal to buy Sargon-owned Madison Group.

Known traditionally as a value investment manager, the ASX-listed Clime added a private wealth business to be a full service wealth firm. Last week the business confirmed it was one of the final bidders for Madison, the medium-sized licensee that’s been put up for sale as part of an administration process.

Clime’s CEO Rob Bristow (pictured) confirmed via an ASX announcement this week the investment firm that manages approximately $1 billion worth of investments across its wealth advisory and investment management portfolios is in discussions in relation to the acquisition of Madison.

Final bids for Madison were collected at the start of May, with a deal likely to be finalised later in the month, Sargon’s creditor OneVue previously disclosed to the ASX.

The process to sell Madison has been run by boutique consultancy Seaview, which was appointed by PwC, the receiver of OneVue’s secured assets in Sargon.

Ernst & Young, Sargon’s voluntary appointed administrator, has made progress with the sale of Sargon’s operating business, OneVue also said in the ASX statement.

OneVue will attempt to reclaim as much of the $31 million it was owned by Sargon as possible after it agreed to a deferred payment for an asset it sold to the trustee aggregator last June.

When Professional Planner reported on the process in March, people close to the process put price guidance for the advice group in the approximately $4 to $6 million range.