Australian financial services firm Fiducian Group has agreed to acquire two financial planning practices with $44m in funds under advice for cash consideration of $720,000.

Fiducian did not disclose the names of the acquired businesses that are based in North – East Melbourne and Gippsland, Victoria.

The acquisition lifts Fiducian's funds under advice to $1.95bn. Total funds under management, administration & advice currently stands at $4.95bn.

Commenting on the deal, Fiducian manager of business development and distribution Jai Singh said: “We support trusted financial planners who fit our corporate culture with development capital to build their businesses. These opportunities have expanded the network into geographic areas not previous ly serviced by Fiducian and should support returns to shareholders.”

The acquisitions are part of the company’s strategy to expand its financial planning network.

In April this year, Fiducian Group acquired Perth-based financial planning businesses with $46m in funds under advice for a cash consideration of $1.2m.