Adviser-owned AFS Group has bought a strategic stake in Sydney-based dealership The Salisbury Group.
AFS Group chief executive officer Peter Daly confirmed a heads of agreement has been signed but refused to reveal the terms of the deal. The transition will be effective from July 1.
Salisbury has 30 practices. The groups have combined funds under management of $6 billion.
In April 2006, AFS bought back Zurich Australia's 39.7 per cent shareholding.
"Institutional independence was critical to the future direction and expansion planned for AFS. The buy-back provided the catalyst for a company restructure, allowing AFS to potentially offer dealer to dealer services and consider alliances or acquisitions of like minded organisations" Daly said.
"[Salisbury] represents a natural fit. It represents practices and individuals who value their institutional independence and are seeking an adviser driven focus."
Each group will operate separately under its own brand. Their approved product lists will be combined.
