Fiducian restructure proceeds
The Federal Court has approved the corporate restructure of publicly-listed financial services house, Fiducian Portfolio Services.
The company announced the court's approval for the restructure to the Australian Securities Exchange (ASX) yesterday with formal lodgement of the court orders with the ASX scheduled for today making the new arrangements legally effective.
The Federal Court approval follows on from Fiducian shareholders agreeing to the Scheme of Arrangement supporting the corporate restructure earlier this week.
Under the arrangement, a new overarching company has been created — Fiducian Group Limited — along with structural separation of Fiducian Superannuation Services to better meet regulatory obligations.
In future, Fiducian Services activities will be limited to being the trustee of a public offer superannuation fund for which it will retain its current responsible superannuation entity (RSE) license.
As well, Fiducian funds, Fiducian Investment Service wrap and the operator of the Fiducian Managed Discretionary Account service will fall under the umbrella of Fiducian Investment Management which will operate under its own license.
The corporate restructure was first flagged by the company around August, last year.
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