Australian financial services firm Fiducian Group has agreed to acquire a Devonport, Tasmania-based financial planning business with $55m in funds under advice for a consideration of $1.35 million.
Fiducian did not disclose the name of the financial planner but said that the acquired business will merge with its existing operation in Tasmania.
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The acquisition lifts Fiducian’s funds under advice to $1.77bn and total funds under management, administration & advice to $4.33bn.
Fiducian manager of investment projects Jai Singh said: "This acquisition is positive for shareholders and 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."
The acquisition follows the buyout of two practices in Sydney in July and August this year.
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