Netwealth Investments has purchased another 25-30 per cent stake in dealer group Financial Planning Services Australia (FPSA), bringing its holding to around 99 per cent, according to Netwealth director for distribution and marketing Matt Heine.
"We first bought a stake in FPSA about four years ago and we've been gradually increasing our stake until two months ago when we basically bought out the remaining shares," Heine said.
The latest stake in the company was purchased by Netwealth from its previous managing director Darren Wise, while FPSA director Deborah Baron continues to own a 1 per cent stake in the company.
"Now that we do have a controlling interest, we are looking at being more involved in the business," Heine said.
"As part of our distribution strategy, we realised that we need to own distribution as well as working closely with the IFA market".
Netwealth Investments' product range includes the Netwealth Multi-Manager Funds, the Netwealth Super Wrap and the Netwealth Investment Wrap.
