Fortnum Financial Group has successfully acquired ANZ's 20 per cent stake in the company, making it one of Australia's largest independently-owned AFSLs.
The completed capital raise followed an announcement earlier this year, in which Fortnum executive chairman Ray Miles told ifa that the group wanted to be “independently-owned”.
Fortnum said 80 per cent of the company’s 28 practices and 87 financial planners participated in the scheme to buy out ANZ, which originally backed the dealer group in 2010.
“Our goal has always been to provide world-class, objective financial advice, and our clients and member firms felt it was essential to stand alone, unencumbered by institutional ties,” Mr Miles said.
An increasing number of advisers were “agitating” to break away from institutional control and influence, which would only intensify over the next few years, he said.
“We want to partner with advice businesses who want to be part of an innovative, independently-owned licensee,” Mr Miles said. “We will be selective but we want to attract high quality advice firms as we move into the next stage of our growth.”
Fortnum chief operating officer and head of finance Ian White said Fortnum’s ownership and structure placed it in a strong position to continue growing and recruiting new practices.
“We believe Fortnum’s open and transparent model will resonate with an increasing number of advisers,” Mr White said.
Fortnum said ANZ will continue to provide dealer-to-dealer services.
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