A Tasmania-based financial group has announced the sale of its retail financial planning business in order to be able to better focus on other areas ripe for growth.
Fiducian Group Limited will pay approximately $3.5m to acquire the MyState Limited financial planning client book with over $340m in funds under advice.
“This is a strategic move for the MyState Group which allows us to simplify our business and invest for growth in the areas where we can have a competitive advantage,” said MyState MD and CEO, Melos Sulicich.
“Through our Tasmanian Perpetual Trustees (TPT) brand, we are building a simplified national and highly scalable wealth management business focussed on managed funds and trustee services,” he added.
The transaction isn’t expected to have a significant impact on MyState’s net profit for the year, and is likely to be complete before the end of the month.
“We are very pleased to have reached this agreement with Fiducian,” said Sulicich.
“We believe its Tasmanian footprint and dedicated financial planning focus provide a great fit for our customers and staff. We look forward to working with Fiducian to ensure that the transition for our customers is smooth, simple and straightforward.”