Investment manager Perpetual Limited “(ASX:PPT)”:http://www.cxo.com.au/articles/tag/Perpetual%20Limited/ has acquired private financial advisory firm Grosvenor Financial Services for $19.6 million.
Based in Sydney, Grosvenor employs around 30 people – including five advisers – all of whom will join Perpetual’s Private Wealth division.
Perpetual paid the acquisition price through a combination of cash and shares, and expects the deal to become earnings per share accretive in FY10.
“The market is providing us with a number of excellent strategic opportunities, which were not available 18 months ago,” said John Nesbitt, head of Perpetual’s Private Wealth unit. “Grosvenor is one of those opportunities.”
Nesbitt added that Perpetual is on the lookout for more acquisition opportunities.