Fiducian plots further planner acquisitions
Publicly-listed financial services firm, Fiducian Group Limited, has flagged further growth by acquisition in the financial planning space.
The company pointed to its strategy in its results announcement released to the Australian Securities Exchange (ASX) yesterday in which it reported a 15 per cent increase in underlying net profit after tax to $3,266,000 for the first half.
The company's announcement pointed to planning-related acquisitions of around $190 million of funds under advice (FUA) and noted that the additions had not fully contributed to the results of the current half year but were expected to do so in the second half.
"The Board is supportive of growth by acquisition in the current environment and we are progressing further opportunities for acquisition of financial planning practices," the ASX announcement said.
The announcement said the combined Funds under Management, Administration and Advice (FUMAA) had grown steadily by 49 per cent over the past three years to $4.4 billion as at December 2015.
It said the corporate entity responsible for administration at 31 December 2015 (after restructure)was Fiducian Services Pty Limited (FSL) and that at 31 December 2015, funds under administration on the Fiducian platforms stood at $1.25 billion (30 June 2015: $1.17 billion) an increase of around seven per cent over the six month period.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
