Perpetual acquires Fortnum-aligned advice firms

In a statement, the company said the entities under the Fintuition banner include The Private Practice, a lifestyle and management educator for medical professionals, and advice firms Skinner Macarounas and Fintuition.

Perpetual Private group executive Mark Smith said: "This acquisition comes after a significant period of exploration and assessment."

"It's a great fit as at the heart of both organisations is trust, integrity and a deep commitment to the financial wellbeing of medical professionals."

Mr Smith added the purchase extends Perpetual's ability to offer a breadth of services, including accounting, tax, estate planning and financial advice to high net worth clients.

"It also maximises the strengths we have in our business and allows us to deepen our offer to the medical sector," he said.

Fintuition director Warren Skinner said: "We are delighted our clients and business partners will have the opportunity to benefit from Perpetual's broad range of services, including specialised financial advice, trustee and philanthropic services."

"With Perpetual's deep history as an independent wealth manager, it was clear from the outset we share a dedication to helping people address their business, financial and lifestyle challenges and opportunities.

"The Fintuition Group and Perpetual medical specialist clients will benefit from education on medical practice set up, management and growth, through to lifestyle planning and positioning for succession and retirement."

Both the Fintuition group and Perpetual are focused on growing their businesses and expanding their service offering to medical specialists, the statement said. It added the merger will enable both groups to accelerate their growth aspirations and provide an effective education and advice platform to the Australian medical community.