Brisbane-based financial advisory businesses Henderson Matusch Group (HMG) and Logiro have agreed a non-cash merger to create a multi-disciplinary professional services firm.
The combined business will have 42 employees, including 14 financial advisers, and it will offer financial planning, risk insurance, portfolio management, mortgage broking and estate planning services.
The businesses, which are both part of AZ NGA, said the deal would “deliver immediate scale benefits and generate significant synergy opportunities”, including potential future acquisitions.
Under the arrangement, Logiro will move into HMG’s Brisbane office but continue operating as a separate entity for a period of time to integrate operations.
The deal could take up to 12 months to complete, the firms said.
Paul Fog, HMG chief executive, said: “Growth and scale are important but this merger is also about people. It is getting harder and harder to recruit good people, and this deal brings serious talent to HMG.
“It significantly expands our capability and capacity, and positions us strongly to continue meeting the current and future needs of our clients.”
Chris Shiels, Logiro chief executive and principal adviser, added: “The advice landscape is rapidly changing, requiring advice businesses to change too.
“While Logiro is largely the same business it was five years ago, the compliance burden is much greater. This deal will free me to spend more time helping my clients, which gives me the most joy and satisfaction. It’ll also allow more time to focus on winning new clients and growing the business.”