AWAG Expands Wealth Platform With CHN Partners Joint Venture

Australian Wealth Advisors Group Ltd. ( (AU:WAG) ) has issued an announcement.

Australian Wealth Advisors Group Ltd has formed a 50/50 joint venture, CHN Wealth Pty Ltd, with long-established Melbourne accounting firm CHN Partners Pty Ltd, marking AWAG’s tenth completed transaction and its second deal based on partnering with an accounting practice to build wealth management services from an existing client base. The new entity begins operations as a profitable, cashflow-positive business with around $240 million in funds under management and administration, and will receive licensing, administrative support, capital and referrals from both partners, underscoring AWAG’s strategy of pursuing low capital-intensive acquisitions focused on people quality while it continues due diligence on similar joint ventures and boutique AFSL licensees to drive portfolio expansion and pre-tax profit growth.

The most recent analyst rating on (AU:WAG) stock is a Buy with a A$0.66 price target. To see the full list of analyst forecasts on Australian Wealth Advisors Group Ltd. stock, see the AU:WAG Stock Forecast page.

More about Australian Wealth Advisors Group Ltd.

Australian Wealth Advisors Group Ltd (AWAG) is a financial services company active in funds and investment management through its Armytage Private arm, and in supporting wealth management advisers via three licensees, First Mutual, Avalon and CHPW. The group focuses on the Australian financial services and wealth management sectors and aims to benefit from ongoing industry rationalisation, backed by a board of experienced financial services professionals who hold significant equity stakes in the company.

Average Trading Volume: 11,158

Technical Sentiment Signal: Strong Buy

Current Market Cap: A$43.88M

See more insights into WAG stock on TipRanks’ Stock Analysis page.