The Australian subsidiary of investment research firm Morningstar has agreed to buy software firm AdviserLogic.
The transaction is expected to close by the end of November and financial terms were not disclosed.
AdviserLogic’s cloud-based financial planning software serves independent financial advisers in Australia.
The firm’s employees across Australia and India will join Morningstar upon closing, including chief executive Daniel Gara, who will lead the product development for AdviserLogic.
Gundeep Sidhu, who co-founded the business with Gara in 2006, will pursue other interests.
AdviserLogic will complement Morningstar’s existing suite of adviser software solutions in Australia.
Common mission
“Morningstar believes in the value of financial advice, and we share a common mission with advisers to empower investor success,” said Jamie Wickham, managing director of Morningstar Australasia.
“Financial planning software is at the heart of the advice process.
“Combined with Morningstar’s deep data, analytics and research, AdviserLogic’s focus on user experience and advice workflow will enable us to elevate and differentiate our technology solutions for advisers—to support them in running an efficient and compliant practice; and deliver improved outcomes for their clients.”
AFH
UK wealth firm AFH has acquired the client portfolios of Groom Associates based in Studley, Warwickshire.
This comes after it said it was going to pause its acquisition activities for the time being.
Following the transaction, Bill Groom and Annabelle Duncan will retire and their clients will be taken on by AFH advisers.
Under the terms of the acquisition, the initial consideration for the acquisition is £321,000 ($414,000, €371,000) in cash, funded from the company’s existing cash resources.
A further deferred consideration will be payable in cash over the next 26 months, subject to performance criteria of the assets acquired being achieved, with the maximum purchase price being £615,000.
Deals
This is AFH’s 8th acquisition of its financial year, which began on 1 November 2018.
The firm’s most recent purchase was IFA business Broadleaf Financial Services for a maximum consideration of £3.2m.
Zedra
Lastly, trust services provider Zedra Group has acquired LJ Fiduciary from investment firm Alvarium, subject to local regulatory approval.
LJ Fiduciary will be rebranded and merged into the Zedra network.
The firm’s Swiss and Isle of Man service offering includes global private client, fund and corporate administration services.
The deal adds nearly 50 staff to Zedra’s existing headcount of over 500, globally.
Ivo Hemelraad, Zedra director, said: “This acquisition will give us an important opportunity to fast track our growth by diversification into different client segments in these two jurisdictions, Switzerland and the Isle of Man.
“It will reinforce mutual strengths and strong existing market positions.”
The financial terms of the deal were not disclosed.
