One of Australia's largest independently-owned financial planning practices has been bought by UK financial services-owned wealth and insurance business St Andrew's Australia.
St Andrew's funds under management increase to nearly $2 billion and the total of advisers increase to 60 with the acquisition of Whittaker Macnaught.
It is a very exciting leap forward in the group's aggressive growth plans and demonstrated HBOS Australia's commitment to expanding its wealth business, St Andrew's managing director John Van Der Wielen said.
"HBOS Australia has ambitious and aggressive plans to become a major national provider of financial services and wealth management is critical to a full-service offering.
"We intend to continue to grow our wealth and insurance business to become a substantial contributor to the overall HBOS Australia profit.
"Although our growth strategy is primarily organic, this acquisition catapults our growth plans forward."
Whittaker Macnaught has more than 65 staff spread across its six offices along the Queensland coast.
The Whittaker Macnaught brand will remain as both Cheryl Macnaught and high profile planner Noel Whittaker continue to work with St Andrew's.
HBOS Australia comprises BankWest, Capital Finance, St Andrew's Australia and BOS International. It is owned by UK financial services group HBOS plc
