Buoyed by the successful integration of its Canadian business, Professional Investment Services (PIS) is shopping for more North American practices.
The group has instructed merger and acquisition specialists to evaluate potential acquisitions in the US-Canadian market and has a multi-million dollar war chest.
"The PIS Australian revenue would place it within the top 20 largest independent financial planning groups in the States," PIS managing director Graham Evans told InvestorDaily.
"It's interesting. It shows that it's quite a diverse and fragmented market for PIS."
PIS bought Alberta-based Generation Financial Corporation last year and re-branded it PIS Canada. Another North American target has not yet been identified.
The operation had 107 advisers in five provinces with funds under administration of $1 billion.
PIS chief executive Robbie Bennetts said: "Another acquisition in Canada or the USA would allow us to rapidly expand operations in those markets while capitalising on the synergies of our existing Canadian group."
PIS also has operations in Hong Kong, Malaysia, China, Singapore and New Zealand.
