• Evolutionary M&A with promising upside – AZN is evolving into a more comprehensive "one-stop" HNW asset and inheritance consulting platform with the acquisition of Chester Group, which has broadened AZN’s service offerings. While it is still early days, the upside from this acquisition is promising, particularly as the new Medium Term Plan's growth target excludes any synergies from the acquisition, despite AZN having developed a comprehensive integration and cross-selling strategy. We believe AZN is better positioned than ever before to capture the opportunities from Japan’s aging and wealth transfer megatrend as a leading comprehensive asset consulting firm.
