Accounting firm BGP has an annual turnover of $1 million and is led by former KPMG partner Pamela Munce.
UPA's acquisition of BGP is its first since DKN took an equity stake in the group in August this year. DKN owns a 30 per cent interest in UPA.
UPA's business model brings together accountants, solicitors, business brokers and financial planners into one business.
UPA is the first group within DKN's network to announce an acquisition since the listed financial services group bought Lonsdale Financial Group. DKN and Lonsdale, including Wrap Account, finalised their merger last month.
The combined transaction is worth approximately $114 million, and leaves DKN a market capitalisation of about $219 million. The combined group is expected to have a network of more than 300 planning practices. Its projected funds under advice is $9 billion in June 2008, including approximately $6.5 billion of BT Wrap.
If predictions are correct this figure will make DKN the largest distributor of BT Wrap outside of Westpac.
The acquisitions are expected to result in a combined group net profit after tax for the half year to June 2008 of $6.3 million.
APRA claims it has already used powers given to it by the parliament in April against a number of super funds but did not name them in their...
The RBA has refused to rule out further interest rate cuts despite concerns they could drive inflation, according to the minutes of their Oc...
British multinational Aviva has downgraded its economic lookout for 2020, citing sluggish global growth and the ongoing US-China trade war. ...