"There's still plenty of growth left in the domestic market but Australia's something we've had our eye on for a while," said Craigs managing director Frank Aldridge.
He said Craigs already had one fund manager based in Australia, but the acquisition was its first overseas expansion "of any significant scale".
Craigs' clients would benefit from "synergies" between Wilson HTM and the New Zealand firm, particularly around Australasian equity research coverage, Aldridge said.
"We see the Deutsche Bank analysts, Wilson analysts and our analysts being a bigger pool to leverage off."
The acquisition could also give Craigs' clients better access to Australian initial public offerings, Aldridge added.
He said the employee ownership of Wilson HTM was also attractive to Craigs.
"We're quite strong on the fact that these types of businesses need the employees to have some sort of ownership."
Craigs is 50.1 per cent owned by employees.
Aldridge said Wilson HTM provided the scale Craigs needed to enter the Australian market
"This is a business with 150 employees and A$50 million in revenue," he said. "It's enough scale to make it worthwhile to enter the Australian market."
Craigs' revenue rose 2.6 per cent to $111.9 million in the 12 months to December 31 from $109.1 million a year earlier, according to financial statements lodged with the Companies Office.
Profit fell to $15.2 million from 2013's record $17.8 million as operating expenses lifted 6.5 per cent, or $5.6 million, to $91.2 million.
The company's roots stretch back to 1984, when Neil Craig established Craig & Co in Whakatane.
Deutsche Bank is a major shareholder in ASX-listed Wilson Investment Group.
