FID finalises Completion of PCCU FP Business Acquisition
Sydney, Feb 1, 2022 AEST (ABN Newswire) - Fiducian (
ASX:FID) is pleased to announce that Completion has occurred in the acquisition of the financial planning business of People's Choice Credit Union (PCCU), as announced on 3 November 2021.
Fiducian Financial Services (FFS), financial planning subsidiary of Fiducian Group Limited (Fiducian) was selected by the People's Choice Credit Union (PCCU) of South Australia as the successful bidder to acquire PCCU's financial planning business, which provides financial advice to its 390,000+ members.
The acquisition by Fiducian (ASX:FID) is a continuation of its strategy to expand its quality financial planning network throughout South Australia and lifts Funds under Advice in Fiducian Financial Services by $1.1 billion to $4.8 billion.
The staff of Fiducian and PCCU have worked tirelessly to facilitate a smooth transition of the operations between the two businesses so that the service provided to the clients remains unaffected by the transaction. Robby Southall, Executive Chairman of Fiducian Financial Services said, "The acquisition significantly increases Fiducian's distribution footprint across South Australia, and we look forward to welcoming People's Choice financial advisers and support staff into the Fiducian family and are confident of a seamless transition into the Fiducian Family culture where client needs come first".
About Fiducian Group Ltd
Publicly listed Fiducian Group Limited (ASX:FID) is a successful end-to-end financial services company in this fiercely competitive sector in Australia. FGL is Australian-owned and operated. FGL provides:
1. Platforms for investment and superannuation
2. Funds management and investment
3. Financial planning and wealth management
4. Technology solutions for financial planners and their clients
Through the vision of founding member Indy Singh (Executive Chairman), the company was established in 1997 and listed on the ASX in 2000. Funds under Management, Administration and Advice (FUMAA) total $11.2 billion as at 31 October 2021.
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