Paul Barrett

AZ Next Generation Advisory today signed a binding sale and purchase agreement to acquire the entire capital of Farrow Hughes Mulcahy Financial Services Pty Ltd (“FHM”).

The agreement includes a share swap of 49% of Farrow Hughes Mulcahy’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years. The remaining 51% stake will be paid to the founding partners in cash.

AZ NGA was established in November 2014 and is part of Azimut Group, Italy’s leading independent asset manager and financial planning company, established in 1989 and today operating in 16 countries with more than $50 billion in AuM.

The Farrow Hughes Mulcahy team has been providing wealth accumulation and protection advice to clients for over twenty five years. The business currently has eight advisers and they specialise in advising large Australian corporations on their workplace superannuation arrangements and providing services to senior executives and high net worth individuals. FHM offers a full suite of advisory services to clients in Australia including wealth accumulation, retirement planning, insurance, and strategic financial planning advice.

Paul Barrett, AZ NGA CEO states: “FHM are a natural fit for AZ NGA as the team is lead by highly experienced Financial Planners in Craig Hughes and Daniel Mulcahy supported by General Manager Michael Furness. They have an exciting growth plan which we will be able to assist with”.

Craig Hughes said, “We’re delighted to be the newest members of the AZNGA group and we look forward to sharing experiences and learning and growing alongside the rest of the AZNGA community. With AZ NGA as our partner we can continue to deliver exceptional outcomes to our clients and stakeholders.

”Daniel Mulcahy added, “Its great to be able to secure our futures using this long term succession solution and“de-risk” our succession in a volatile, competitive market. This, combined with being part of a group of planners whom we respect and admire, make us every excited about the future of FHM.

“AZ NGA announced its first acquisition on May 8th, 2015, when it acquired EWM. This was followed by the acquisition of the Pride Group on May 27th 2015, LFPS on July 15th 2015, FLP on September 24th 2015, Wise Planners on October 19th 2015, Harvest Wealth on December 17th 2015, RIT on January 29th 2016, EFP on March 1st 2016, Wealthwise on March 30th 2016, and Priority Advisory Group on April 12 2016, Sterling Planners on 29th April 2016, Logiro on 28th July 2016, On-Track on 3rd November 2016, MTP on 10th May 2017 and P&P on 12th May 2017. AZ NGA has shortlisted a number of financial planning firms for further potential consolidation.

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