Australian financial services firm Fiducian Group has agreed to acquire a financial planning business in Perth that advises $73m of funds.
As per policy, the firm does not reveal the names of the businesses it acquires.
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Fiducian will make a payment of A$1.66m ($12,25,611.20) for the acquisition, which will be funded by its existing liquidity.
Around $46m of the funds under advice of the acquired entity will be absorbed by Fiducian’s South Perth branch. The remainder will be advised from a franchisee branch in a new location in Western Australia.
Fiducian head of business development and distribution Jai Singh said: “We are excited to have this financial planner and their team join the Fiducian network.
“Our proven compliance process and systems for financial planning will support the financial planners involved in this project to grow our WA footprint.”
The deal will boost Fiducian’s total funds under management, administration and advice to A$6.46bn.
Fiducian has acquired many financial planning businesses in recent times. In May 2018, it purchased a financial planning firm located in southeast Queensland, increasing its funds under advice by a further A$35m.
Last year, it acquired a New South Wales-based financial planning business. The deal raised its funds under advice by an additional A$37m.
