Australian financial services company Perpetual has acquired Sydney and Melbourne-based wealth advisory firm Jacaranda Financial Planning for an undisclosed sum.
Jacaranda has A$915m (£486m, $674m, €574m) in funds under advice and gives advice to more than 1,000 clients based primarily in New South Wales and Victoria.
The wealth firm will retain its team of 24 professionals, including nine advisers and founding principals Brett Stene and Jeannie McKenzie.
Rob Adams, Perpetual chief executive and managing director, said: “In Jacaranda, we’ve identified a fast-growing financial planning business with a high-quality advice model and culture closely aligned to Perpetual, providing Perpetual with an opportunity to help Jacaranda continue to scale efficiently and increase our overall share of the high net worth market on Australia’s eastern seaboard.
“This transaction is entirely in-line with our strategy of bringing the industry’s best adviser to Perpetual, providing an improved growth profile for both firms.”