Geoff Rimmer, CEO of FSP Group has welcomed the announcement that ING Australia will acquire the FSP Group. The FSP Group includes Financial Services Partners, the third-largest independent dealer group in Australia, as well as FSP Portfolio Services and FSP Funds Management which together has $1.29 billion in funds under management.

Geoff Rimmer, CEO of FSP Group has welcomed the announcement that ING Australia will acquire the FSP Group. The FSP Group includes Financial Services Partners, the third-largest independent dealer group in Australia, as well as FSP Portfolio Services and FSP Funds Management which together has $1.29 billion in funds under management.

INGA will pay in excess of $50 million to acquire 100 per cent of the FSP Group.

As part of the acquisition, ING also announced that Tandem Financial Advice, a specialist dealer group 100% owned by INGA, will be integrated into the FSP Group.

The new combined group will be called Financial Services Partners and will comprise 110 firms with 222 advisers and 300 support staff. The current FSP management will remain in place, and FSP’s current CEO, Geoff Rimmer and Chairman, Dr Frank Wolf, will lead the combined group.

ING Australia is the ideal partner to enable the FSP Group to accelerate its future growth potential. The integration of Tandem advisers into the new FSP Group will deliver increased scale and benefits flowing from the larger organisation.

“We will work with advisers and their staff to create a world class provider of advice and services within the financial services sector” Mr Rimmer said. “Adviser ownership and input to the decision making process will remain. The FSP Group will work to maintain and build our reputation in the market place and will continue to strive to provide service and support of the highest calibre to our advisers”.

“We also look forward to welcoming our new colleagues from Tandem into the FSP Group and working with them to create a world-class advice and service offering to our customers.” Mr Rimmer said.