Aust Unity completes Premium acquisition
Australian Unity has confirmed completion of its acquisition of independent dealer group, Premium Wealth Management.
The two companies confirmed that the transaction had been completed just days before Christmas, with Australian Unity acquiring around 97 per cent of the dealer group, with the remainder of the shares expected to be acquired over coming weeks.
Australian Unity declared its intention to pursue the acquisition in October last year and completion of the transaction has created a combined entity boasting 106 financial planning practices, 23 mortgage brokers, a general insurance broking capability and around $6 billion in funds under advice.
As part of the transaction, Australian Unity has agreed to retain both the Premium brand and strategy with Australian Unity Personal Financial Services chief executive, Steve Davis, saying it would be business as usual for the premium staffers.
"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," he said.
AUTHOR
Mike Taylor
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