Risk Company Update

AZ NGA buys stake in Certe Wealth Protection

AZ Next Generation Advisory (AZ NGA) has bought a material interest in Certe Wealth Protection, a specialist risk insurance advice business. Certe has four advisers and seven support staff, with about $16 million in inforce premiums. AZ NGA is paying cash of 51 per cent upfront with a share swap of 49 per cent of Certe Wealth Protection for AZ NGA shares, with a progressive buy-back of these shares.

CBA divests CommSec Adviser Services

The Commonwealth Bank (CBA) is to sell AUSIEX (CommSec Adviser Services) to Japanese firm, Nomura Research Institute. Nomura is a technology solutions and business consulting firm. The sale is worth $85 million in cash. Broking operations, licence and assets of AUSIEX are included.

Fiducian buys Gippsland advice practice

An unnamed advice business in Gippsland, Victoria, has been acquired by Fiducian Financial Services, resulting in Fiducian’s Sale and Traralgon offices merging. The advice firm has $56 million in funds under advice.