Fiducian buys MyState’s financial planning business
Fiducian has announced the acquisition of MyState’s retail financial planning business in Tasmania for $3.5 million.
The transaction, which is expected to be completed by 30 June, would see the addition of a client book for financial planning clients with more than $340 million in funds under advice.
Fiducian, which has currently more than $2.7 billion funds under advice across 40 offices nationally, said that the announcement was a continuation of its ongoing expansion strategy.
The group also said in the statement issued to the Australian Securities Exchange (ASX) that the transaction would see both parties entering into an ongoing referral arrangement that would involve referrals for financial planning from MyState to Fiducian and home mortgage lending and trustee services from Fiducian to MyState.
“We are excited to consolidate our presence in Tasmania with this acquisition and to work with MyState to ensure that our clients continue to have access to quality financial planning services and as well, have the benefit of trustee and home lending services from MyState,” Fiducian’s head of business and distribution, Jai Singh, said.
AUTHOR
Oksana Patron
Recommended for you
A hiring spree is expected in private markets with 90 per cent of firms expecting to maintain or increase their headcount over the next 12 months, according to Preqin.
Abrdn Investments has hired a new global chief executive as Rene Buehlmann steps down after less than two years, it also announced a new senior leadership structure.
Having received bids from Bell Financial Group and AxiCorp, trading platform Selfwealth has confirmed it has entered into a scheme implementation deed after both parties were invited to make a higher bid.
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
