Fortnum buys out ANZ stake
Ray Miles Fortnum Financial Group Limited has successfully acquired bought back the 20 per cent equity held in the group by ANZ.
The company announced this morning that it had undertaken the transaction with Fortnum's management, staff and financial advisers raising the necessary capital.
Fortnum Financial Group executive chairman Ray Miles thanked ANZ for its early support but said the Fortnum Group had evolved in line with the changing needs and wants of clients.
"Our goal has always been to provide world class, objective financial advice, and our clients and member firms felt it was essential to standalone, unencumbered by institutional ties," he said.
Miles said the Company received overwhelming support from staff and advisers for the offer which reflected their confidence and conviction in Fortnum's current business model and long term future.
The announcement said ANZ would continue to provide dealer to dealer services to Fortnum.
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