A listed financial planning group has announced it will acquire a regional advice business and merge two of its Victorian offices, in a transaction that will add $56 million to the group’s funds under advice.
In a statement released to the market on Wednesday, Fiducian Group announced that its financial planning subsidiary, Fiducian Financial Services, had facilitated the acquisition of a regional financial planning business for its Gippsland advice office.
"This announcement by Fiducian is a continuation of an ongoing strategy to expand and consolidate its quality financial planning network," the company said.
"It is expected to add to the total funds under management, administration and advice of over $7.1 billion as at 31 March 2020."
Fiducian head of business development and distribution Jai Singh said the group was supportive of expansions within its adviser network despite the coronavirus lockdown having curtailed some business activity.
"Following this acquisition, our Sale and Traralgon offices will merge and with greater scale will be able to continue to provide high quality strategic financial planning services much needed in the Gippsland region at this time."
The group said the total cash outlay for the transaction, with deferred payments, was estimated at $435,000, which was funded by Fiducian's internal cash holdings.
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