Plan B Group Holdings, the Australia and New Zealand-based boutique wealth management firm, has fast-tracked the acquisition of an additional stake in Queensland asset manager My Adviser.

The acquisition increases Plan B's stake in the My Adviser business to 93 per cent. The Queensland firm is made up of 62 advisory businesses with 134 authorised representatives and around A$1 billion in funds under advice. The remaining 7 per cent in the company is held by Philippa Sheehan, managing director, and will be purchased by Plan B subject to the My Adviser "meeting agreed performance hurdles."

The acquisition is part of Plan B's growth strategy in the eastern states of Australia, the firm said in a statement.

The total consideration of A$1.733 million ($1.9 million), including the A$0.49 million that is subject to future performance hurdles, will be funded from a combination of drawing down against bank loan facilities and from Plan B's existing cash reserves. 

Plan B recently announced half year results for the six months to 31 December 2011, with a net profit after tax of A$1.84 million, from A$1.97 million in the first half of the previous financial year.