Wealth management firm Plan B has moved to take full control of Melbourne-based financial advisory boutique Strategic Financial Management (SFM).
Plan B yesterday said it exercised its call option to buy the remaining 14 per cent stake it didn't currently own in SFM, taking its ownership in the business to 100 per cent.
The cost for the additional investment is a $750,000 cash payment and the issue of 963,208 Plan B shares, the group said.
"The early completion of the acquisition of this final portion of Strategic is an exciting event for the company and evidences the strong relationship that has been built up between Strategic and Plan B," Plan B executive chairman Bryan Taylor said.
"We expect this synergistic acquisition will help facilitate the continued growth of Strategic."
Taylor took leadership responsibilities within Plan B after Denys Pearce stepped down as managing director in April.
SFM was established in 1995 and its managing director is Patrick Hardwick.
