Vertically integrated financial services business Fiducian has announced that it will intensify its attempts to acquire financial planning businesses, as it recorded first half profit growth of 24 per cent for the 2017-18 financial year following successful procurements of planners.
Fiducian management said that it would increase efforts to grow the financial planning business through strategic acquisitions and organic growth.
This was already evident in the first half of the financial year, as the business made $41 million of acquisitions of financial planning client bases. Fiducian said that this contributed to taking current funds under advice to $2.31 billion.
Fiducian managing director, Indy Singh, said that Fiducian planned to keep up its current growth techniques.
“Going forward, management will again focus on developing ways to continue the growth that’s been built on the solid foundation of funds management, platform administration, information technology and business/accounting awards,” he said.
Fiducian utilised a multi-asset, multi-style business model, with both its specialist and diversified funds delivering strong performances.
The business’ India and Technology funds returned 23.6 and 27.2 per cent respectively annualised over five years. Its diversified Ultra Growth, Growth and Capital Stable funds were each in the top five funds for their various sectors in the Morningstar January 2018 survey.
Funds under management, administration and advice grew 22 per cent to $6.27 billion. Overall revenue was up 12 per cent, underlying NPAT up 24 per cent, and underlying EBITDA jumped 25 per cent.