In March this year, AMP acquired a 10% stake in Futuro Financial, which currently has 80 financial advisers, 58 practices and approximately $2 billion in funds under advice.
According to media reports, AMP is planning to acquire the balance of Futuro Financial Services by 2017.
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"Make no bones about it, the idea is to eventually have 100%," InvestorDaily quoted Futuro managing director Dennis Bashford as saying.
"They [AMP] will take another 10% in 18 months and then probably the balance in four to five years. Whilst we have the option to sell before then I don’t believe we’ll be doing that," Bashford added.
Post acquisition, Futuro will continue to operate under its own licence during the initial stages of the transaction, after which its financial advisers will be offered a transition to Charter Financial Planning.
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