Fiducian acquires $40.9 million through new clients

Company News

by Kathy Skantzos

Financial services company Fiducian (ASX:FID) has acquired a further $40.9 million in funds under advice through three financial planning clients.

The total consideration is estimated at $1.1 million which is being funded by excess cash.

The client bases are in Perth, Melbourne and the Sunshine Coast, which will be managed by existing financial partners who currently service those areas.

The company said the acquisition continues its strategy to expand its financial planning network and build scale through the additional funds.

Total funds under management, administration and advice is currently reported at $6.2 billion.

Shares in Fiducian (ASX:FID) closed 0.76 per cent lower to $5.20.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.