ASX-listed financial services provider Fiducian Group has acquired a Sydney-based financial advice firm which holds $85 million in funds under advice.
The acquisition – announced via the ASX yesterday afternoon – represents an additional $85 million to Fiducian Financial Services' existing funds under advice, lifting the total amount to $1.71 billion.
As part of the acquisition, the Sydney-based business will relocate to Fiducian premises, a statement from Fiducian said.
"The acquisition is positive for Fiducian and any ongoing revenue synergy will be additional and should continue to deliver excess returns to shareholders as realised," Fiducian head of business services Jai Singh said.
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