Amplifi expects more $2m to $20m acquisitions

Amplifi was created two years ago by Mint Asset Management to acquire advice businesses, but has since made only three purchases, the Sage and Totara advice businesses and Prosperity Partners' client book.

Last week, the company announced Amplifi's former chief executive Fred Ohlsson, which has previously held senior management roles at ANZ Bank, had stepped down from the role.

Amplifi and Mint chief executive Rebecca Thomas says the main obstacle to successful acquisitions has been that both bonds and equities markets crashed through 2022 leaving client portfolios down 20% or 30%.

“The advisers' view was that they didn't want to sell and leave their clients” while investment performance was languishing, and while that meant the prices of their businesses would be considerably lower than they would like.