Aus Unity eyes further advice acquisitions
Australian Unity says its financial services expansion plan hinges on the changing regulatory landscape, with the group hoping to pick up smaller advisory firms struggling to cope with new legislation.
In an announcement lodged with the Australian Securities Exchange (ASX), the Group said its financial services funds under advice grew 12 per cent in the 12 months to 30 June 2014 to $3.5 billion.
Its group managing director, Rohan Mead, said the growth in both advisory and accounting firms was a testament to the value of being tied to a reputable parent company during a time of regulatory change.
"In such a challenging environment, the ability of the business to attract new adviser practices is a marker of its growing position and reputation," he said.
"The business remains well positioned to take advantage of opportunities arising from the consolidation of the industry that is occurring, in part, as a result of smaller advisory groups being unable to adapt and operate profitably in the new regulatory environment."
The Group's funds management sector had a "patchy year", according to the statement, with earnings before interest, tax, depreciation and amortisation down 10 per cent on the previous year, at $13.8 million.
Its total funds under management hit $7.4 billion, up from $7.1 billion in 2014.
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