Dudson sells business to Stobo firm

High profile financial planner Lisa Dudson has sold her client base to fellow Auckland firm Saturn Portfolio Management which is headed by former BT Funds chief executive Craig Stobo.

Wednesday, April 9th 2008, 6:39AM
The transaction is for the portfolio assets of Acumen.

Meanwhile Acumen has sold its life insurance business to Summit, another company associated with Stobo.

Under the deal Dudson will no longer advise clients, but is now a shareholder in Saturn and will consult to the business.

Saturn previously acquired Alistair Pirie's firm Broadview and Glaister Ennor Asset Management which was run by Michelle Stanton.

Stobo says Saturn has been advising clients since 1988 and the deal will increase Saturn's funds under advice from $120 million to $145 million.

Dudson told Good Returns she had been looking to sell her business for some time and would now focus on consulting and coaching.

She says financial planning is "pretty tough" in the current environment and with the changes to the industry it is harder to build businesses.

She chose to sell to Saturn because she liked its model, it was a "compliance driven" business and has a "rigid and well-thought through" process.

Stobo describes Saturn as an investment advice and portfolio management business. It is looking to continue its growth both organically and through acquisitions.

Despite the sales Dudson is still an advocate of planning.

"I'm passionate about the industry and want to stay in it for a long time."

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