Fiducian expands planning footprint
Fiducian Group has further extended its financial planning footprint -- this time via the acquisition of financial planning businesses in north-east Melbourne and Gippsland.
The company has announced to the Australian Securities Exchange (ASX) that the transactions involved $720,000 which was being funded by excess cash. Fiducian said that in line with company policy it was not disclosing the names of the businesses or planners who had joined Fiducian but the acquisition represented a continuation of its ongoing strategy to expand its planner network.
It said it had lifted funds under advice by an additional $44 million to $1.95 billion with total funds under management, administration and advice now standing at $4.95 billion.
Commenting on the transactions, Fiducian Group manager distribution and business development, Jai Singh said the company supported trusted financial planners who fitted with the company's corporate culture. "These opportunities have expanded the network into geographic areas not previously serviced by Fiducian," he said.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
