• subs-bellGet the latest news! Subscribe to the ifa bulletin

Fiducian to acquire Tasmania-based practice

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."