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HBOS makes wealth management purchase

HBOS makes wealth management purchase

(31 January 2007 – Australia) HBOS wealth management arm, St Andrews Australia, has made what it describes as a "trophy acquisition" in boutique fund manager Whittaker Macnaught. The deal will see HBOS gain exclusive rights to the business which has 12,000 clients and funds under management (FUM) of A$1.5 billion.

St Andrews's managing director John Van Der Wielen said the acquisition catapulted the company away from its primarily organic growth strategy.

Queensland based Whittaker Macnaught's FUM of A$1.5 billion will boost St Andrews's overall FUM to about $2 billion.

Whittaker Macnaught is owned by successful financial advice author Noel Whittaker and Cheryl Macnaught.
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