A firm that has bought a number of wealth advisory firms in Australia since being formed three years ago continues with another deal.

Australia’s AZ Next Generation Advisory has signed a deal to acquire all of Wealthmed Australia, continuing a run of targeted acquisitions over the past two years.

The agreement includes a share swap of 49 per cent of Wealthmed’s equity for AZ NGA shares and a progressive buy-back of these shares over the next ten years. The remaining 51 per cent stake will be paid to the founding partners in cash, AZ Next Generation Advisory said in a statement earlier this week. 

AZ NGA was established in November 2014 and is part of Azimut Group, the Italian asset manager and financial planning company.

Wealthmed is a financial planning, real estate, and accounting services business, specialising in wealth management for doctors and other medical specialists. It is led by principals Carolyn Bindon, Scott Guildford and Albert Borzillo.

The first acquisition made by AZ NGA was announced in May 2015, when it acquired EWM; a raft of firms in Australia have been bought since then and AZ NGA said there are other targets on its acquisition shortlist.