Fiducian to list on ASX
Financial planning and master trust group Fiducian is to list on the Australian Stock Exchange on September 7.
According to documents registered with the ASX late last week, Fiducian will seek to raise $22.4 million by selling 60 per cent of the group to the public, valuing the three year old group at $38 million.
Founder and managing director Indy Singh will retain a 27 per cent interest in the group, while the 15 financial planning dealer groups who form part of Fiducian will retain 13 per cent ownership. Former major shareholder AMP Corporation will completely sell its stake in the group in the listing.
The Fiducian prospectus documents profit to June 30, 1999 as $452,000 rising to $908,000 at the end of the last financial year. Profit projections for 2000/01 stand at $1.89 million, rising to $4.1 million in 2001/02.
Recommended for you
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
