ING has continued its string of acquisitions with the purchase of a Melbourne-based dealer group.
ING Australia has acquired 100 per cent of Melbourne-based dealer group Pinnacle Partners, making it the third dealer group it has purchased since November 2007.
Pinnacle Partners will be fully integrated into Millennium3, which is fully owned by ING Australia.
ING chief executive Harry N Stout said that the company was delighted to welcome Pinnacle Partners under the ING Australia umbrella.
"Millennium3 is one of the fastest growing dealer groups in the industry, and this acquisition is a great opportunity for the advisers and clients of Pinnacle Partners to benefit from the additional value and services that can be provided by Millennium3," Stout said.
Last month ING purchased national advisory group Financial Lifestyle Solutions (FLS) from Zurich Australia, which it also plans to integrate into Millennium3.
In December 2007, ING acquired Financial Services Partners, which has been integrated into its Tandem Financial Advice dealer group.
ING managing director Ross Bowden indicated that similar acquisitions of dealer groups may occur throughout 2008, should opportunities arise.
Retirees face the risk of running out of money. We asked Macquarie Funds Group's head of longevity risk solutions Andrew Robertson how this can be avoided.... Watch»
Many in the industry would have been bogged down in submissions given the plethora of government reviews. Next year it will be the government's turn to act on the reviews. ... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
