ING Australia acquires Pinnacle Partners
ING Australia has acquired a 100 per cent stake in the Melbourne-based dealer group Pinnacle Partners.
Pinnacle Partners will be fully absorbed into ING’s own financial planning group, Millennium3 Financial Services.
ING Australia chief executive officer Harry Stout said the acquisition was part of an ongoing strategy of making strategic acquisitions to increase ING’s distribution footprint in the Australian wealth management industry.
On May 23, 2008, ING announced the purchase of Zurich’s advisory group, Financial Lifestyle Solutions (FLS), which was also absorbed into Millenium3.
Pinnacle Partners has 20 advisers across 13 practices, and total funds under management of $545 million.
“We are delighted to welcome Pinnacle Partners under the ING Australia umbrella.
Millennium3 is one of the fastest growing dealer groups in the industry, and this acquisition is a great opportunity for the advisers and clients of Pinnacle Partners to benefit from the additional value and services that can be provided by Millennium3,” Stout said.
AUTHOR
George Liondis
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