AZ Next Generation Advisory (NGA) has acquired Perth-based Wealthwise for $9.5 million, marking its ninth purchase of an Australian wealth advisory in the past 12 months.

The deal involves a swap of 49% of Wealthwise equity for NGA shares, and a progressive buyback of these shares over the next 10 years.

The remaining 51% stake will be bought in cash from founding partners Jamie and Sheila Luxton, who started the business in 1986.

Wealthwise has about $377 million of funds under management, and provides a range of services such as investment and asset allocation advice, retirement planning and insurance.

“We are delighted to welcome Wealthwise into the AZ NGA family of quality financial planning firms,” CEO Paul Barrett said. “Wealthwise has built a strong corporate business model, while maintaining a caring and client-centric approach.”

The transaction is expected to be completed this month.

AZ NGA’s Italian parent Azimut has operations in 14 countries and more than €36.2 billion ($53.7 billion) of assets under management.