Australian financial services firm Fiducian Group is acquiring a Perth-based financial planning business that advises about A$73m of client money.
Fiducian Group is spending A$1.66m on the acquisition component of the deal, funded from cash. As per policy, the firm does not reveal the names of the businesses it acquires.
Once completed, the new unnamed planning firm will take Fiducian's total funds under management, administration and advice to A$6.46bn.
Around A$46m of the funds under advice of the acquired entity will be absorbed by Fiducian's South Perth branch. The remainder will be advised from a franchisee branch in a new location in Western Australia.
Fiducian had funding set aside to acquire five planning businesses across Western Australia, New South Wales and Victoria to raise A$83m in FUA, it said in a September address to shareholders.
Fiducian head of business development and distribution Jai Singh said: "We are excited to have this financial planner and their team join the Fiducian network. Our proven compliance process and systems for financial planning will support the financial planners involved in this project to grow our WA footprint."
The company had 61 aligned planners and associates across Australia, as at September. It acquired A$83m of funds under advice in FY18.
In May 2018, it purchased a financial planning firm located in southeast Queensland, increasing its funds under advice by a further A$35m.
Last year, it acquired a New South Wales-based financial planning business. The deal raised its funds under advice by an additional A$37m.