Financial services group Australian Unity has completed the acquisition of 97% of financial planning dealer group Premium Wealth Management following shareholder approval.
As part of the acquisition, Premium Wealth will now become a part of Australian Unity’s personal financial services division and will retain its brand strategy, operating model and client proposition.
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Following the acquisition, the combined entity will now have 106 financial planning practices with approximately $6 billion in funds under advice, 23 mortgage brokers as well as a general insurance broking capability.
Australian Unity Personal Financial Services CEO Steve Davis said the acquisition of Premium will increase Australian Unity’s financial advice capability and its exposure in the accountants’ sector.
"Premium will be a significant contributor to increasing the scale and strength of Australian Unity personal financial services.
"This acquisition should also better position Australian Unity Personal Financial Services to take advantage of opportunities arising from the significant regulatory and environmental changes impacting the profession," Davis added.
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By GlobalDataPremium Wealth CEO Paul Harding-Davis said: "FoFA effectively closed down many organic growth options, and it became clear we would need to either engage in mergers and acquisitions of our own, or invite a like-minded organisation to partner with us, to enable us to compete in a predominantly vertically integrated world."
