Fiducian Financial Services has bought a financial planning firm in Victoria that advises A$160m ($115m) of funds.

The name of the acquired entity was not revealed, as per Fiducian’s policy.

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Fiducian has recently been on an acquisition spree to expand its financial planning network and the new deal aligns with this strategy.

The latest acquisition is said to facilitate Fiducian’s financial planning office expansion in Australia.

Commenting on the deal, Fiducian head of business development and distribution Jai Singh said: “We are excited to have 2 new financial planners and experienced support staff join our team.

“The business is sizeable and respected in the geographic catchment it primarily operates in. Also, there are existing quality referral partners which should underpin future growth.”

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Fiducian will pay up to A$2.4m ($1.7m) for the purchase. The transaction will be financed through existing cash reserves.

The latest deal comes shortly after Fiducian’s acquisition of a financial planning business based in Perth with A$73m in funds under advice. The deal increased Fiducian’s total funds under management, administration and advice to A$6.46bn.

Earlier this year, Fiducian acquired a financial planning firm based in southeast Queensland. The acquisition of this firm raised Fiducian’s funds under advice by A$35m.