OasisAsset Management has finalised a deal with the Queensland-based financial planning group, Financialline, marking the fifth such partnership agreement signed by Oasis in the space of two months.
The deal came about after Financialline approached Oasis earlier this year to discuss a possible co-operative deal involving itself and eight other dealer groups.
At present, four of the eight dealers have confirmed they have signed on the dotted line. When the remaining four dealers finalise their deals, the co-operative, which will be named Financial Focus, will settle under the Oasis banner.
The signing of the co-operative deal is a huge win for Oasis, with the group’s managing director, Bruce Tustin, claiming the total funds under advice of the joining co-operative will be well over $1 billion.
“It was because of the professional nature of Financialline, and the cultures of the collective group that we agreed to the deal,” Tustin says.
He says the services Oasis will provide to Financial Focus include a superannuation master trust and an investor directed portfolio service (IDPS). Oasis will also provide Financial Focus with a Web-based adviser and client portal, and further financial planning software.
Tustin says, apart from the Financial Focus deal, he is also in talks with another three large dealer groups, with the recent spate of signings occurring as Oasis passes the $500 million mark for funds inflows.
Oasis now has deals with Taylor Bowring, Australian Financial Services, Matrix Financial Group and Professional Investment Services.
