Plan B acquires share in wealth advisory business
Despite current market conditions, Plan B Group Holdings is sticking to its expansion strategy with its latest acquisition of a 62 per cent share in Melbourne wealth advisory business, Strategic Financial Management (Strategic).
“In spite of the challenging market conditions facing the economy and particularly the financial services industry, we remain committed to pursuing our expansion strategy by seeking to acquire interests in exceptional wealth advisory businesses,” Plan B managing director Denys Pearce said.
Plan B said consideration for the acquisition of this initial investment will be the issue of 3,984,714 new ordinary shares and the payment in cash of $5.2 million from Plan B’s existing cash reserves.
Option arrangements are in place for the remaining 38 per cent of Strategic not owned by Plan B.
According to Plan B, Strategic has approximately $345 million in funds under advice with an average client portfolio value of $2.4 million.
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