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."
An adviser has slammed the poor behaviour of insurers in hiking premiums for existing customers while new client rates stay unsustainably low, as the ...
The corporate regulator has used its enhanced banning powers to restrict the former head of a collapsed asset manager from financial services in any ...
The government has rushed new legislation to Parliament in the wake of its ushering in a new broom at ASIC, which will keep the regulator accountable ...
Get notifications in real time and stay up to date with content that matters to you.
