Perpetual Limited buys Jacaranda Financial Planning

Perpetual Limited acquires Jacaranda Financial Planning

SYDNEY, AUSTRALIA: Perpetual Limited has announced the acquisition of Jacaranda Financial Planning Pty Ltd, a leading Sydney and Melbourne based boutique wealth advisory firm focused on the high net worth market segment with funds under advice (FUA) of $915 million as at 30 June 2021.

Perpetual Chief Executive Officer and Managing Director, Rob Adams said: “In Jacaranda we’ve identified a fast-growing financial planning business with a high quality advice model and culture closely aligned to Perpetual’s, providing Perpetual with an opportunity to help Jacaranda continue to scale efficiently and increase our overall share of the high net worth market on Australia’s eastern seaboard.

This transaction is entirely in-line with our strategy of bringing the industry’s best advisers to Perpetual, providing an improved growth profile for both firms.”

Perpetual Private Group Executive, Mark Smith, said: “Jacaranda has built a strong brand with a proven model and a strong reputation for providing clear and trusted advice to more than 1,000 clients located primarily in New South Wales and Victoria. Jacaranda has consistently grown funds under advice by more than $100 million a year over the last five years, and under Perpetual’s ownership, has a clear opportunity to continue this growth trajectory, particularly by leveraging Perpetual’s strong presence on the eastern seaboard.

“The ongoing evolution of the domestic wealth industry has seen the withdrawal of the major banks in this space and higher qualification requirements for advisers. This has resulted in a significant reduction of adviser numbers, making it increasingly difficult for many Australians to access quality advice to support them through change. Perpetual’s strong market position and trusted brand, together with the proven model of Jacaranda, provides a compelling opportunity to address the growing demand in the market for high quality advice, positioning us well to benefit from the industry dislocation now and in the coming years.

“Clients of both organisations will have access to an expanded suite of specialist services and offerings to help meet their financial needs. Our deep trustee heritage and client relationships are key strengths of the Perpetual Private business and Australians are looking for a trusted brand and quality advice now more than ever,” Mr Smith said.

Jacaranda will retain its team of 24 professionals, including its nine experienced advisers who will remain with the business, accelerating Perpetual Private’s adviser growth strategy and complementing its existing private client and family office offering. Jacaranda’s Founding Principals, Brett Stene and Jeannie McKenzie, will continue with the business.

Mr Stene said: “We’re excited to embark on the next stage of Jacaranda’s growth journey and partner with a respected name like Perpetual, particularly given its ambitions to lead the market in high net worth wealth advisory.

“We see an enormous potential to leverage Perpetual’s expertise, institutional grade infrastructure, and back office resources for the benefit of our clients, while enabling them access to additional capability in investment management, retirement planning and philanthropy.”

Perpetual Limited (ASX:PPT) is an ASX-listed, diversified financial services company, which has been serving clients since 1886.

Perpetual Limited share price

39.43 AUD−0.17 (0.43%)today

12 Aug, 3:16 pm GMT+10 ·Disclaimer

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