Australian financial services firm Fiducian Group has agreed to acquire Perth-based financial planning businesses with $46m in funds under advice for a cash consideration of $1.2m.
Fiducian did not disclose the names of the acquired businesses but said that they will support the company’s existing Perth salaried financial planning businesses to optimise targeted cost- and potential revenue-synergy benefits.
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The acquisition lifts Fiducian’s funds under advice to to $1.8bn . Total funds under management, administration & advice currently stands at $4.5bn.
Fiducian manager of business development and distribution Jai Singh said: "Fiducian wants to grow with like-minded financial planners who adopt its compliance processes. This is important to ensure client best-interest."
"Strategically, we envisage these acquisitions as an opportunity to lift both scale and the number of quality financial planners within Fiducian’s Perth salaried operations," Singh added.
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