AZ Next Generation Advisory (AZ NGA), the Australian arm of Italian asset manager Azimut Group, has agreed to acquire Wealthmed Australia, for around AUD6.9m ($5.5m).

Wealthmed, headed by principals Carolyn Bindon, Scott Guildford and Albert Borzillo, specialises in offering wealth management for doctors and other medical specialists. The firm offers property advocacy, wealth accumulation, retirement planning, insurance, and strategic financial planning advice.

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The transaction involves share swap of 49% of Wealthmed’s equity for AZ NGA shares, and a progressive buy back of the shares over 10 years.

The balance 51% stake will be paid in cash to the founding partners of Wealthmed over two years.

Azimut Holding CEO Sergio Albarelli said: “We are glad of having Wealthmed within AZ NGA’s perimeter, adding their competences and diversifying our client base. As recently announced our Australian growth plans are focused on increasing our distribution capabilities via both securing new acquisitions as well as book buy.”