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Investor Group grab

THE Investor Group has formalised an agreement to add Sanderson Blair to its stable of financial planning businesses.

The Investor Group embarked on a bullish expansion campaign last September with the purchase of Prescott, which was previously operating under the Ord Minnett South Australia banner.

Then, in May, the group acquired the Adelaide-based independent financial planning firm Accumulus for a reported $4.6 million, subject to targets being met.

Investor Group also acquired Tasmanian accountancy firm Moore Robsons in September, boosting its Tasmanian presence, which included the Garrotts/Paterson financial services business and the Pinnacle/Wiseman & Templeton business. The acquisitions form part of the group’s strategy to build a limited number of financial services entities.

The strategy is already paying dividends with the group revealing in March a 29 per cent lift in first half net profit to $3.52 million. With the recent acquisitions, the group now has around $1.2 billion in funds under management.

PWC planning to AMP

AMP has agreed to purchase the financial planning division of PricewaterhouseCoopers and its $1 billion managed funds portfolio, along with 23 financial planners. The division will become a subsidiary of AMP Life.

AMP has also announced its move into the European market with the acquisition of Italian wealth management business Commerzbank Asset Management Italia.

CAMI, which has 30 offices around Italy, was started in that country two years ago by its German parent company, Commerzbank AG.

Westpac fund for women

THE Westpac Bank has set up a $1.25 billion package for woman only. The commitment, announced by Westpac chief executive David Morgan at the opening of the Global Banking Alliance for Women Summit in Sydney, is designed to provide financial services through Westpac’s Women in Business Unit and the Women’s Investment Advisory Services.

Local super

THE WA Local Government Superannuation Plan, with assets approaching $500 million and with around 24,000 members, has rolled $1 million into venture capital firm Hawkesbridge, with a further $2 million to follow.

The superannuation body has deliberately set about devoting more of its funds into sustainable investments and new ventures.

Earlier this year, LGSP made a $2 million investment in a biodiesel project called Australian Renewable Fuels, a subsidiary of WA listed company Amadeus. It also has taken an interest in DHT technologies and Alchemist Healthcare.

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