Acquisition boosts Wealthtrac FUA

Platform provider, Wealthtrac, has boosted its funds under advice (FUA) to $1.4 billion with the acquisition of Superior Wealth Management Solution's (SWM's) service level agreement with Oasis.

Wealthtrac chief executive, Matthew Johnson, said the move significantly increased its penetration of the independent financial advice (IFA) sector, delivering economies of scale.

"SWM has a similar culture and operating model to Wealthtrac and I am very confident the business will be an excellent fit," he said.

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"Both businesses have a foundation relationship with ANZ Wealth's Oasis Funds Management as a major service provider.

"There are a number of synergies in putting the two businesses together and we look forward to continuing to work with the IFA community to provide quality products and superior service solutions for their clients."

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