Australian Unity/Lifeplan merger plans continue
A key date in the merger of Australian Unity and Lifeplan is approaching, with Lifeplan members meeting on August 13 in Adelaide to vote on the proposal.
The merger has been approved by the boards of both companies, but is also subject to regulatory and court approval. Australian Unity members are not required to vote on the merger.
The merger plans were announced in May. The proposed merger will create a funds management company with around $7 billion in funds under management.
Australian Unity operations range from health care and retirement homes to funds management. Lifeplan has built a business based on old friendly society bonds, with a strong emphasis on funeral bonds.
The Lifeplan brand will be retained and its customers will continue to deal with the Adelaide business, a statement from the two groups said at the time. The company will take over management of Australian Unity’s investment and funeral bonds operations as part of the deal.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
