ASX-listed financial services provider Fiducian Group has agreed to acquire another financial planning business, bringing its funds under advice to $1.77 billion.
The new business – which was not named in an announcement yesterday – will merge with an existing Fiducian operation, the company said in a statement. It added that consideration is $1.35 million, which is being funded by excess cash.
The acquisition is a continuation of Fiducian's strategy to expand the quality of its financial planning network, the statement added.
It also represents an additional $55 million to Fiducian Financial Services' funds under advice and lifts the total funds under management, administration and advice post-acquisition to $4.33 billion, according to Fiducian.
"This acquisition is positive for shareholders and staff involved," said Fiducian manager of investment projects, Jai Singh.
"A merger with our existing operations will create a more profitable and stronger business in a location that has been a presence for Fiducian for some time."
Comments powered by CComment
The super fund says it is in favour of a superannuation advice network involving non-relevant providers with a minimum ...
Minister Jones has more pressing priorities to address before turning his attention to the ASIC levy, he confirmed at an ...
AMP is planning to launch its digital advice tool next year.
Speaking at the ASFA Conference in Adelaide, Matt ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin