Fiducian restructure proceeds
The Federal Court has approved the corporate restructure of publicly-listed financial services house, Fiducian Portfolio Services.
The company announced the court's approval for the restructure to the Australian Securities Exchange (ASX) yesterday with formal lodgement of the court orders with the ASX scheduled for today making the new arrangements legally effective.
The Federal Court approval follows on from Fiducian shareholders agreeing to the Scheme of Arrangement supporting the corporate restructure earlier this week.
Under the arrangement, a new overarching company has been created — Fiducian Group Limited — along with structural separation of Fiducian Superannuation Services to better meet regulatory obligations.
In future, Fiducian Services activities will be limited to being the trustee of a public offer superannuation fund for which it will retain its current responsible superannuation entity (RSE) license.
As well, Fiducian funds, Fiducian Investment Service wrap and the operator of the Fiducian Managed Discretionary Account service will fall under the umbrella of Fiducian Investment Management which will operate under its own license.
The corporate restructure was first flagged by the company around August, last year.
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.
