Fiducian expands Tasmanian presence
Fiducian Group Limited has expanded its financial planning footprint in Tasmania with the acquisition of a financial planning business.
The publicly-listed vertically-integrated financial services group announced to the Australian Securities Exchange (ASX) that it had acquired the business, located in Devonport, for a consideration of $1.35 million, which is being funded by excess cash.
In accordance with its usual practice, Fiducian declined to name the business but said that it would be merged with an existing Fiducian operation.
Commenting on the acquisition, Fiducian Manager Investment Project, Jai Singh said he believed it would be positive for shareholders and the staff involved.
"A merger with our existing operations will create a more profitable and stronger business in a location that has been a presence for Fiducian for some time," he said.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
