AWM completes purchase of i.super and Finium
Australian Wealth Management (AWM) has completed the purchase of corporate superannuation businesses i.super and Finium.
i.super is wholly owned by ZurichAustralia and Finium is owned 75 per cent by Zurich Australia and 25 per cent by Genesys Wealth Advisers.
In total, i.super and Finium will add more than $1.25 billion in funds under administration and 65,000 members to AWM’s Spectrum Super Plan. Once consolidated, the Spectrum Plan will have more than $3.9 billion in assets under management and more than 180,000 members. AWM now holds more than $15.6 billion in retail superannuation and investment platforms, with more than 340,000 members.
AWM managing director Chris Kelaher said: “The company is clearly established now as the pre-eminent consolidator /purchaser of superannuation funds in Australia.”
AWM announced it was in discussions with Zurich Australia and Genesys Wealth Advisers in January this year.
Funding for the acquisition will be sourced from existing cash flow.
Meanwhile, Zurich Australia and Genesys Wealth Advisers have indicated they wish to partner AWM in the promotion of their corporate superannuation offering within Australia. AWM and Genesys have just concluded a new distribution deal that will see its advisers continuing to promote Spectrum Super.
AWM is listed on the Australian Stock Exchange and has over 30,000 shareholders. The current entity was formed following the merger of Select Managed Funds and Australian Wealth Management in June 2006.
AWM has over 280,000 members with funds under management, administration, advice and supervision of over $50 billion.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
