Fiducian expands Tasmanian presence
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.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
