Centrepoint Alliance Acquires Two Astute Financial Network Practices for Around AU$3 Million

MT Newswires Live

Jun 01

Centrepoint Alliance (ASX:CAF) entered into agreements to acquire the client books and servicing employed advisers of Cairns Wealth and Pinnacle Wealth, practices operating within the Astute Financial Management network, for AU$3 million in cash, according to a Monday Australian bourse filing.

Cairns Wealth advisers will operate from the Astute premises in Cairns, Queensland, while Pinnacle Wealth advisers will be integrated into Centrepoint's Brisbane office.

The completion of both deals is expected by July 1 and is subject to the execution of all associated documents as well as standard regulatory and operational transition processes.

Centrepoint confirmed that National Australia Bank (ASX:NAB) approved a new acquisition facility of AU$10 million with a five-year term.

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