Acquisition boosts Wealthtrac FUA
Platform provider, Wealthtrac, has boosted its funds under advice (FUA) to $1.4 billion with the acquisition of Superior Wealth Management Solution's (SWM's) service level agreement with Oasis.
Wealthtrac chief executive, Matthew Johnson, said the move significantly increased its penetration of the independent financial advice (IFA) sector, delivering economies of scale.
"SWM has a similar culture and operating model to Wealthtrac and I am very confident the business will be an excellent fit," he said.
"Both businesses have a foundation relationship with ANZ Wealth's Oasis Funds Management as a major service provider.
"There are a number of synergies in putting the two businesses together and we look forward to continuing to work with the IFA community to provide quality products and superior service solutions for their clients."
AUTHOR
Nicholas O'Donoghue
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
