Equity Story Group Taps Booming Advisory Sector
Equity Story Group Ltd (ASX:EQS) has taken a major step into full-service wealth management, signing a binding agreement to acquire long-standing financial advisory firm Baker Young Limited. The strategic acquisition aims to expand Equity Story’s footprint into retail stockbroking and corporate advisory—two segments showing significant growth amid increasing demand for tailored financial advice in Australia.
“This opportunity expands our wealth advisory platform, strengthens our corporate advisory reach, and delivers national scale,” said Shane White, CEO of Equity Story Group.
The deal brings more than $700 million in funds under management into the Equity Story fold, including $180 million under Managed Discretionary Accounts. With audited FY24 revenue of $4.5 million and a strong client base of over 6,000 accounts, Baker Young offers immediate scale and diversification to Equity Story’s business model.
Targeting Scale With Established Trust
Based in Adelaide, Baker Young has a 40-year legacy of providing advice across equities execution, portfolio management, and capital markets. The business operates a robust Individually Managed Account (IMA) platform, and its team has earned a reputation for consistent performance and client trust.
“We’ve spent four decades building Baker Young on a foundation of trust, personalised service, and consistent performance,” said founders Alan Young and David Baker. “Joining Equity Story allows us to continue that tradition while expanding our reach, resources, and digital capabilities.”
Importantly, both founders will remain with the business post-acquisition, helping ensure continuity as Baker Young becomes a division of Equity Story and the foundation for a national expansion strategy.
$4.2 Million Deal With Earnings Upside
Under the agreement, Equity Story will acquire Baker Young’s business and specified assets for $4.2 million. That includes a $3 million upfront payment, with a $1.2 million performance-based earn-out over the next 10 months. The transaction will be fully funded through debt.
Equity Story will also issue 10 million escrowed options to the seller’s nominees, pending shareholder approval. Half of the options will be escrowed for six months, the remainder for 12 months.
“The acquisition is expected to be earnings-accretive,” said White. “It aligns with our commitment to delivering accessible, high-quality wealth services across Australia.”
Synergies Across Research, Advice, And Tech
Baker Young’s research-driven advisory approach complements Equity Story’s proprietary CTM (Chart, Timing, Momentum) trading system. The combination offers clients a unique blend of technical and fundamental insights, reinforcing the company’s mission to improve investment outcomes.
Executive Chairman Brendan Gow sees the move as a textbook fit.
“This acquisition exemplifies our thesis of consolidating high-quality advisory practices under a forward-thinking brand,” Gow said. “As the advisory sector faces generational change and regulatory pressures, we see a clear opportunity to partner with legacy firms ready for scalable, tech-enabled growth.”
Conditions Still Pending
While the agreement is binding, the deal remains subject to several conditions—including completion of due diligence, execution of formal sale documentation, and regulatory approvals. A formal asset sale and purchase agreement must be signed by 31 May 2025.
Thomson Geer is advising Equity Story on the transaction.
What’s Next For Equity Story?
The acquisition represents a significant milestone in Equity Story’s strategy to transform into a full-spectrum financial services provider. With Baker Young’s infrastructure, Equity Story adds both scale and credibility to its Wealth Management division, unlocking further opportunities to attract advisors and grow its client base.
“Executing a strategic acquisition like Baker Young so early in my tenure as CEO signals a new phase of growth, ambition, and capability,” White said. “Exciting times ahead for the Group.”
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