Former ANZ Wealth Managing Director, Global Advice and Distribution, Paul Barrett, is behind the Australian launch of a new wealth management business.
Next Generation Advisory (NGA) has been established with the purpose of bringing together financial planning businesses currently providing asset allocation and advisory services to local retail, high net worth and institutional clients. Mr Barrett will take on the position of CEO of NGA, and he has already employed ex-Zurich Senior Program Manager, Paul Brain, as COO.
The business is backed by Azimut, an Italian independently-owned wealth manager, with over 1,500 financial planners across ten countries. In partnership with Azimut, NGA has secured an investment of over $100 million to facilitate the progressive acquisition of quality financial planning firms.
Mr Barrett said that many talented financial planners in Australia were looking for an opportunity to scale-up their operations, and build sustainable businesses that can serve their clients in an increasingly complex world.
“I am delighted with the partnership that NGA has forged with Azimut and I am excited about creating an innovative, high quality financial services company in Australia. We are looking forward to providing quality financial planners with a unique growth and succession opportunity in a professional environment,” Mr Barrett said.
NGA will look to complete its first acquisition early in 2015. The group is looking to partner with firms who have a strong track record of putting their clients first, have highly qualified financial planners, are growing, and are looking for long term certainty for their clients and shareholders.
NGA will fund its acquisition strategy through an offer of cash and shares, and will offer attractive valuations for the highest quality firms.
