Australia's Perpetual Buys HNW Financial Advisory Business

Tom Burroughes

18 March 2009

Australian funds manager Perpetual has acquired the financial advice firm Financial Pursuit for an undisclosed amount, its second acquisition since buying Argosy Wealth Consultants in January last year, media reports said.

Perpetual Private Wealth will increase its total funds under advice by about 3 per cent to around A$6.4 billion ($4.23 billion) through the acquisition, which provides specialist advice to more than 250 clients.

Founded in 1991, the privately-owned Sydney-based Financial Pursuit has funds under advice of approximately A$200 million, generating annual revenues of about $2 million a year.

By contrast, Adelaide-based Argosy brought approximately A$75 million in funds under advice and 100 high net worth clients.

Perpetual Private Wealth head John Nesbitt said acquiring Financial Pursuit was in line with the group's strategy to expand its private wealth business in the high net worth segment of the market.