South African financial planning and stockbroking concern PSG Konsult has paid ZAR97 million ($14 million) for Advance Wealth Management, a ...

South African financial planning and stockbroking concern PSG Konsult has paid ZAR97 million ($14 million) for Advance Wealth Management, a financial services company formerly – until 1998 - part of what is now international professional services firm PricewaterhouseCoopers. The acquisition brings with it ZAR4.5 billion in assets under management, which will bring PSG AUMs to ZAR26.8 billion, and a further nine offices to make 165 in total, servicing 96,000 clients. This is the third PSG acquisition in just over a year, following that of the short-term insurance arm of Vleissentraal in June 2005 and of Multinet, in the same field, in January 2006.