Steadfast-backed Asparq has acquired broking company Fraser and Associates and OneFocus, a wealth management and accounting firm.

Asparq announced the acquisitions today, saying they will strengthen the business as it looks to expand its presence in insurance broking, financial planning, accounting and advisory across Victoria and in Albury, NSW.

Fraser and Associates has more than 40 years' experience in providing general and business insurance products, domestic and life insurance, and premium funding to individuals and small business clients.

Apart from insurance broking, Asparq also offers accounting and advisory as well as audit and assurance services for commercial clients. For retail clients, it provides services for taxation, financial planning, personal insurance, aged care advice and self-managed superannuation funds.

“This is a merger between businesses that have very similar values and client-centric cultures,” CEO Scott Phillips said.

“Ultimately, clients of both firms will have greater access to a larger team of specialist advisers dedicated to helping them find the appropriate insurance needs and achieve their wealth goals.

“As we look to increase our insurance broking, financial planning and accounting and advisory footprint across Victoria and Albury, we are now also able to offer clients greater access to our integrated insurance broking, financial planning and accounting and advisory solutions.

“This includes a wholesale financial planning offering for sophisticated investors and access to a credit licence to source finance such as mortgages.”

He says the acquisitions, which were completed last month, increased the Asparq team to 65 staff across its offices in Melbourne, the city’s Camberwell suburb and Albury.

Janeen Woods and Grant Barrett will stay on as OneFocus directors and also take on a similar position at Asparq Private Wealth, while Rod Fraser of Fraser and Associates has been retained in a consulting role to ensure a smooth transition for clients over the next few months.

“We’re looking forward to a future where we can look after our existing clients even better ... by giving them new service offerings,” Mr Phillips told insuranceNEWS.com.au today.

The acquisition prices of the two deals are confidential.