Fiducian acquires client base
Publicly-listed financial services group, Fiducian has acquired what it describes as a "quality financial planning business" for $1.31 million.
The company confirmed that the transaction involved the purchase of a "client base" from an adviser.
It said the acquisition was being fully funded by cash and represented an additional $66 million to Fiducian Financial Services' existing $1.275 billion in funds under advice.
Commenting on the transaction, Fiducian investment projects manager, Jai Singh said it was consistent with a strategy outlined in the company's half-year report.
"We do not make acquisitions for the sake of market share, but rather to extract maximum benefit across the value chain in our vertically integrated financial services model," he said.
Singh said the clients acquired via the transaction would be serviced by Fiducian's salaried financial planners.
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