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
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
