Aust Unity bids for Premium Wealth Management
Financial planning dealer group, Premium Wealth Management has confirmed that its shareholders are considering a bid from financial services group, Australian Unity.
The companies announced they had executed a non-binding indicative offer under which Australian Unity Personal Financial Services would acquire all the shares in Premium Wealth Management.
Money Management understands that the approach from Australian Unity has been under consideration by Premium Wealth Management for a number of weeks.
Money Management understands that Australian Unity has been looking to sustain growth in its wealth management business on the back of the positive contribution reported in the company’s half-year result, lodged with the Australian Securities Exchange in February.
Premium Wealth Management describes itself as being wholly-owned by its members.
Commenting on the potential acquisition, Australian Unity Personal Financial Services chief executive, Steve Davis said the addition of Premium would increase Australian Unity’s financial advice capability and its exposure in the accountants’ space.
Premium Wealth Management chairman and founder, Simon Wu, said his board was attracted to Australian Unity for many reasons, including their long term involvement in the accountants’ market and that they clearly see the value of Premium and recognise the quality of their practices.
Recommended for you
The corporate regulator has permanently banned a Melbourne-based financial adviser that “dishonestly attempted to induce clients to transfer their superannuation into a bank account he controlled”.
ASIC has announced the Administrative Appeals Tribunal has upheld a former NSW-based adviser’s permanent ban following his conviction for fraud offences.
The Financial Advice Association Australia has released its pre-budget submission, including six key items to help reduce the cost of professional advice and increase its accessibility.
Phil Anderson, general manager for financial advice at the FAAA, believes the CSLR levy could reach $100 million if Dixon Advisory complaints are allowed to continue.