AZ Next Generation Advisory (AZ NGA), the Australian unit of Italian asset manager Azimut Group, has snapped up Matthews Steer Accountants and Advisors.
Set up in 1990, Matthews Steer advises businesses and families in Melbourne’s north west region.
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The firm employs more than 50 people.
Referring to the acquired entity, AZ NGA CEO Paul Barrett said: “It has built a reputation as the region’s premier accounting and advisory firm by delivering excellent service and advice, and helping local businesses achieve strategic results.
He added: “There are also mutually-beneficial opportunities for Matthews Steer to leverage the scale, resources and capabilities of the broader AZ NGA network.”
Matthews Steer co-founder and managing director Ken Matthews welcomed the deal, saying that AZ NGA aligns with Matthews Steer’s purpose and values.
“Their investment in Matthews Steer will provide greater capacity to continue to support our clients and extend our services to other entrepreneurs and family businesses,” Matthews noted.
Other developments
AZ NGA was set up in 2014 to form a “privately-owned integrated accounting and advisory partnership”.
This April, the business acquired specialist risk advisory firm Certe Wealth Protection.
Previously, AZ NGA purchased Henderson Maxwell, Menico Tuck Parrish Financial Services, and Dunsford Financial Planning.
AZ NGA also snapped up accounting firm Peters & Partners, Farrow Hughes Mulcahy, and Wealthmed Australia.
Developments at parent Azimut
Meanwhile, in July this year, Azimut picked a minority stake in Kennedy Lewis Investment Management.
Kennedy Lewis is a New York-based private credit investment manager.
Azimut executed the deal through its US subsidiary Azimut Alternative Capital Partners.
Last year, Azimut announced the acquisition of Rasmala Egypt Asset Management from Rasmala Group.
In 2017, Azimut acquired a 20% stake in Mofid Entekhab, an Iranian independent asset management firm.
In 2018, Azimut obtained private fund management licence in China.
