AMP takes stake in Futuro Financial Services
AMP has invested in Futuro Financial Services, taking an initial 10 per cent minority stake with a plan to take full ownership of the business in five years.
Futuro will continue to operate under its own licence during the initial stages of the transaction, after which its financial advisers will be offered a transition to Charter Financial Planning.
This move by AMP is the latest in a string of acquisitions the financial services industry has seen last year, with some of the largest non-aligned dealer groups having been purchased by large financial institutions.
The two businesses had already built a close relationship, according to AMP's director of financial advice network Andrew Waddell and Futuro director Dennis Bashford.
"We have been speaking to our network for some time about bringing in a strategic partner and had a clear idea of what this partner should look like," said Bashford. "In the end, AMP was the standalone choice."
Futuro Financial Services has 80 financial advisers working under its licence, with $2 billion in funds under advice.
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