Perpetual buys wealth advisory firm Fordham for $35m

Perpetual buys wealth advisory firm Fordham for $35m

Financial services provider Perpetual Limited (ASX:PPT) has acquired Melbourne-based advisory firm Fordham Group for $35 million.

Fordham recorded a FY09 revenue of $22 million, with 75% and had around $500 million worth of funds under management as of November 2009, Perpetual said.

Perpetual CEO David Deverall said the acquisition complements well with its existing private wealth service offerings, and gives Perpetual a stronger foothold into the high-wealth advice market.

“Perpetual’s national market presence also provides a platform to expand our service offering to pivate business owners nationally,” he said.

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Tags Perpetual LimitedFinancial ServicesMergers and acquisitions

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