Count finalises Diverger acquisition

Yasmine Raso

Senior Journalist, Financial Newswire

1 March 2024

In an announcement to the Australian Securities Exchange (ASX) today, Count Limited announced it has completed its acquisition of wealth management company, Diverger Limited.

This comes after the Federal Court of Australia approved the scheme of arrangement for Count to acquire 100% of shares in Diverger on 15 February. From 4 March, Count Consideration shares will commence trading on the ASX.

Hugh Humphrey, Count chief executive, said the acquisition represents a milestone for wealth management and advice in Australia, creating a network of over 590 accountants, 550 financial advisers, combined FY23 revenues of $129 million and funds under advice (FUA) of $29.9 billion.

“The completion of the Diverger acquisition is a material structural development in the Australian wealth management advice landscape, and a pinnacle moment in the company’s 44-year history,” he said.

“Through the Diverger acquisition, Count’s firms and their clients will access benefits through a range of exciting new services and investment options, including technical support, tax training, separately managed accounts (SMAs) and IT services.”

The statement also said that Count intended to expand its Services function through the acquisition, with the addition of Knowledge Shop, TaxBanter and Priority Networking to the existing Accurium and Solutions Centric.

“The addition of the CARE SMA portfolios and the supporting client-centric advice processes provide new growth opportunities. There are material scale benefits that come from being one of Australia’s largest integrated accounting, wealth and service providers, including the ability to secure better rates on platforms, insurances, technology and research services.

“This new chapter for Count would enable it to offer high-quality, holistic financial services to more clients in Australia.”