Fiducian Group Limited has expanded its financial planning footprint in Tasmania with the acquisition of a financial planning business.
The publicly-listed vertically-integrated financial services group announced to the Australian Securities Exchange (ASX) that it had acquired the business, located in Devonport, for a consideration of $1.35 million, which is being funded by excess cash.
In accordance with its usual practice, Fiducian declined to name the business but said that it would be merged with an existing Fiducian operation.
Commenting on the acquisition, Fiducian Manager Investment Project, Jai Singh said he believed it would be positive for shareholders and the staff involved.
“A merger with our existing operations will create a more profitable and stronger business in a location that has been a presence for Fiducian for some time,” he said.
