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
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.