Under the terms of the acquisition, GPS Wealth managing director Grahame Evans will join the board as an executive director and lead the company’s wealth management operations.

The wealth businesses owned by the Eastern group include Merit Wealth and Hayes Knight Referral Services.

GPS Wealth is a financial services dealer group that provides limited licensing authorisations for accountants who offer SMSF services.

GPS has 123 authorised representatives and 182 limited licence holders (accountants), with annual risk premiums of $36 million across 82 practices in Australia.

The combined entity will have funds under advice in excess of $3.4 billion.

“GPS and Merit Wealth in particular are both well-placed to continue to grow organically in the wealth management sector,” Easton Investments said.

“At the same time, both businesses offer strong cross-sell referral opportunities to other Easton businesses, as well as the potential to leverage other service lines in the financial services sector.”

The acquisition is expected to take effect in August, pending approval by shareholders.