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.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.