Fiducian Financial Services, the financial planning subsidiary of Fiducian Group (ASX:FID) has facilitated the acquisition of a regional financial planning business for its franchise office located in Gippsland, Victoria.
This adds a further $56 million in Funds under Advice.
It is expected to add to the total Funds under Management, Administration & Advice of over $7.1 billion (as at 31 March 2020).
Following this acquisition, their Sale and Traralgon offices will merge and with greater scale will be able to continue to provide high quality strategic financial planning services much needed in the Gippsland region at this time.
Shares in Fiducian Group (ASX:FID) are trading 1.6 per cent lower at $4.25.