Fiducian continues acquisition spree

Pedro Gonçalves
clock
Fiducian continues acquisition spree

Fiducian Financial Services  has bought a financial planning firm in Victoria that advises A$160m ($115m) of funds.

The transaction follows Fiducian's recent A$73m acquisition of a Perth planning business on 3 December, which is expected to add A$6.4bn to the funds under management, administration and advice.

The name of the acquired entity was not revealed, as per Fiducian's policy.

Fiducian has recently been on an acquisition spree to expand its financial planning network and the new deal aligns with this strategy.

The latest acquisition is said to facilitate Fiducian's financial planning office expansion in Australia.

 "We are excited to have 2 new financial planners and experienced support staff join our team,", Fiducian head of business development and distribution Jai Singh said in a statement.

"The business is sizeable and respected in the geographic catchment it primarily operates in. Also, there are existing quality referral partners which should underpin future growth," he added.

Fiducian will pay up to A$2.4m for the purchase. The transaction will be financed through existing cash reserves.