Centrepoint Alliance has entered into a conditional agreement to sell its Singaporean financial advice business to Aviva Asia Holdings.
Centrepoint managing director Tony Robinson said Aviva Asia would be able to help Professional Investment Advisory Services (PIAS) "achieve its growth aspirations". He added the transaction would allow Centrepoint shareholders to "remove a significant [Centrepoint] shareholding from the market and receive reasonable consideration for the business".
"While PIAS is one of the most successful investor adviser services businesses in Singapore, it is difficult for us to contribute to its management and meet its investment needs going forward," Robinson said.
PIAS is a financial planning business in Singapore under a branch network structure with over 300 licensed financial advisers.
Centrepoint Alliance purchased 100 per cent of the Australian company Professional Investment Holdings and its financial services subsidiary, Professional Investment Services, in December 2010.
