Investment management company Perpetual has acquired the privately-owned financial advisory practice Financial Pursuit.
"This is a great partnership which brings together two businesses with a tight cultural alignment," Perpetual Private Wealth group executive John Nesbitt said.
As part of the acquisition, joining Perpetual is Financial Pursuit director and founder Fred Marishel and Financial Pursuit staff and advisers.
"Perpetual will provide us with the technical, back office and administrative support to allow us to continue to effectively service our clients without distraction," Marishel said.
Perpetual offers one of the broadest suites of services to the high net worth market, and with clients requiring greater access to specialised advice, this arrangement ensures Financial Pursuit's clients are able to draw on Perpetual's expertise, Marishel said.
The acquisition price for Financial Pursuit, a Sydney-based practice which boasts more than 250 clients and revenues of approximately $2 million per annum, was not disclosed.
Nesbitt said the acquisition of Financial Pursuit is just another example of Perpetual's strategy of expanding its private wealth division through acquiring complementary businesses that specialise in the high net worth segment of the market.
"Perpetual is currently assessing a number of high net worth financial advisory practices as acquisition opportunities," a company spokesperson said.
"Our acquisition strategy is not driven by timetables, but rather a priority to acquire practices that fit the Perpetual mould."
Adelaide-based practice Argosy Wealth Consultants, which was bought in January 2008, was the first firm Perpetual acquired as part of its private wealth expansion strategy.
