Fiducian buys MyState’s financial planning business
Fiducian has announced the acquisition of MyState’s retail financial planning business in Tasmania for $3.5 million.
The transaction, which is expected to be completed by 30 June, would see the addition of a client book for financial planning clients with more than $340 million in funds under advice.
Fiducian, which has currently more than $2.7 billion funds under advice across 40 offices nationally, said that the announcement was a continuation of its ongoing expansion strategy.
The group also said in the statement issued to the Australian Securities Exchange (ASX) that the transaction would see both parties entering into an ongoing referral arrangement that would involve referrals for financial planning from MyState to Fiducian and home mortgage lending and trustee services from Fiducian to MyState.
“We are excited to consolidate our presence in Tasmania with this acquisition and to work with MyState to ensure that our clients continue to have access to quality financial planning services and as well, have the benefit of trustee and home lending services from MyState,” Fiducian’s head of business and distribution, Jai Singh, said.
AUTHOR
Oksana Patron
Recommended for you
Record flows into iShares ETFs helped BlackRock’s assets under management reach US$13.5 trillion in the third quarter, but it reported outflows from the APAC region.
Regal Partners has passed $20 billion in funds under management, helped by $723 million in net inflows during the last three months.
Global investment manager Fidante has formed a strategic partnership with a London-based asset manager to secure exclusive distribution rights across the APAC region.
Blackwattle Investment Partners has hired a management trio from First Sentier Investors – who departed amid the closure of four investment teams last year – to run its first equity income offering.
