Publicly-listed financial services firm Fiducian Group announced an acquisition of another financial planning business with $85 million in funds under advice.
The group said it is a Sydney-based business, which would move into the current Fiducian premises but refused to divulge the name of the dealer group, the number of advisers joining the group, or its previous licensee.
The deal brings the group’s total funds under advice to $1.71 billion, and is funded through a consideration of $2.4 million in cash and some shares.
Manager, investment projects, Jai Singh, said: “Any ongoing revenue synergy will be additional and should continue to deliver excess returns to shareholders as realised.”
Fiducian said the run rate EBITDA for the acquired business is $0.5 million pre-synergy.
The acquisition follows a deal in July by Fiducian to buy a Chatswood-based planning practice with more than $60 million in funds under advice.
Before that, the group added around $81 million of funds under advice between 1 July 2014 and March 2015 by acquiring new planners and expanding operations.
It acquired a financial planning business for $1.31 million in May last year, which added $66 million in funds under advice to the group.
