Fiducian set to expand after float
RECENTLY listed Fiducian Portfolio Services is looking to rapidly expand its financial planning business.
Fiducian is seeking to attract a number of groups from Queensland, South Australia and Western Australia in order to bolster operations in all states. The group already has a very strong presence in New South Wales and the ACT.
The group is also planning to set up a Fiducian branded financial planning business either through the acquisition of an existing planning business or starting from scratch. Under the present structure, there are a number of financial planning groups that are shareholders of Fiducian but operate under their own banner. Shareholder financial planning groups include Harold Bodinnar & Associates and Hattersley Maxwell.
Fiducian managing director Indy Singh says any planning network Fiducian creates will not compete with any of the group's shareholders and will be separated geographically.
Plans for the group's expansion follow the listing of Fiducian just over a fortnight ago. Shares of the oversubscribed float finished the first day just a few cents lower than the $1.20 issue price and were holding steady above the $1.00 mark at the end of last week.
Fiducian listed after raising $22.4 million for expansions in Australia and overseas. It offered a total of 18.673 million shares, or about 60 per cent of the company, at $1.20 each.
In its prospectus, Fiducian forecasts funds under management to grow to $720 million by June 2001, and to exceed $1 billion one year later. That would translate to a $2.5 million profit in 2001 and $4.4 million in 2002.
Of the total share offering, 10 million are new and 8,67 million were sold by AM Corp, which assisted in funding Fiducian's start-up phase.
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