Zenith Investment Partners has announced today that it has entered into an agreement to purchase the Chant West superannuation and consultancy business from ASX listed company Chant West Holding Ltd, (ASX: CWL).
The transaction will take place by way of an asset sale for a $12m consideration and is expected to complete by this April.
David Wright, CEO of Zenith commented, "We're very pleased to welcome the Chant West team and client capabilities into the Zenith business. This is a logical fit for our growth plans to better serve an expanded client base with unbiased research, consultancy and online tools, especially at a time when the broader super, pension and advice markets are undergoing considerable change and further evolving how they serve their clients and members."
CWL CEO, Brendan Burwood endorsed the transaction on behalf of the CWL Board, adding, "Chant West has been serving super and pension funds, employers and financial advisers for over 2 decades with unbiased research, member-focused consultancy services and user-friendly tools, all aimed at supporting the personal wealth goals of a growing number of Australians. In this regard, we believe that the Chant West research and consultancy business is very well aligned with Zenith's corporate values and ambitions."
The combined business will employ more than 70 staff and have an office location in both Sydney and Melbourne, enabling the business to be closer to more of its clients.
Its combined client base will include a number of Australia's largest super, pension and advice companies, along with many smaller, boutique providers located across the country.
Further, it will have established relationships with the majority of funds management firms offering investment products to local investors.