Hall & Wilcox advises AMP on Advice business transactions

Hall & Wilcox has provided external legal support to AMP Limited (ASX: AMP) on the sale of its portfolio of financial planning investments to AZ NGA, and on the formation of its strategic partnership with Entireti Limited (resulting in the creation of a new ownership structure for the AMP Advice licensee business).

As a result of these transactions:  

• AZ NGA has acquired equity interests in 16 Advice practices for approximately $82.5 million; and 
• Mutual Advice Partners (an Entireti subsidiary) (MAP) has acquired AMP Financial Planning, Hillross, Charter and Jigsaw Advice Solutions for $10.2 million, with AMP to retain a 30% shareholding in MAP.

Following completion, Entireti has become the largest financial advice business services provider in Australia.

Hall & Wilcox assisted with all legal aspects of the transactions and worked alongside AMP and its financial advisor, Flagstaff, to deliver a successful outcome for AMP. 

The Hall & Wilcox team included Chris Brown (Partner, Corporate), Clare Kerley (Partner, Workplace), Adrian Verdnik (Partner, Financial Services), Rebecca Radbone (Senior Associate), Tom Pedel, Alexander Connolly and Joe Azzi (Corporate/Commercial).

Commenting on Hall & Wilcox’s involvement, Chris Brown said: 

“A number of us have worked with the AMP Advice business for the best part of two decades, so closing this transaction was quite emotional. At the same time, it is great to have been involved in such a milestone project for the Advice profession, and gratifying to know that the businesses we have worked closely with over the years will be in very good hands with Entireti and AZ NGA. 

Hall & Wilcox’s involvement in this and similar wealth management deals cements our position as leaders in the provision of legal transaction support services to the Advice industry and to the finance sector more generally.” 

Hall & Wilcox is a leading Australian law firm, with more than 145 partners, working across eight offices. We create value for corporate, public sector and private clients, both Australian-based and international.