AZ Next Generation Advisory (AZ NGA), the Australian arm of Italian asset manager Azimut Group, has agreed to acquire Queensland-based Menico Tuck Parrish Financial Services (MTP) in a deal worth about AUD4.8m.
Established in 1972 by Anthony Menico and Jo Tuck, MTP offers wealth accumulation, retirement planning, insurance and strategic financial planning advice. The firm currently employs nine staff and oversees around $170m in client funds.
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The deal involves share swap of 49% of MTP’s equity for AZ NGA shares, and a progressive buy back of the shares over 10 years. The balance 51% holding will be paid in cash to Menico’s founding partners over two years.
AZ NGA CEO Paul Barrett said: “MTP are a natural fit for AZ NGA as the team is led by highly experienced Financial Planners in Anthony Menico and Jo Tuck and has an exciting growth plan which we will be able to assist with.”
“We have been working together on this deal for over two years and we are delighted to now be in a position to build our North Queensland strategy together.”
AZ NGA said that the acquisition aligns with its objective of consolidating Australian financial practices providing wealth management services. The firm said that it has shortlisted more financial planning firms for further consolidation.
