Centrepoint to sell Singaporean dealer group
Centrepoint Alliance has entered into a conditional agreement to sell its Singaporean financial advice business to Aviva Asia Holdings.
Centrepoint managing director Tony Robinson said Aviva Asia would be able to help Professional Investment Advisory Services (PIAS) "achieve its growth aspirations". He added the transaction would allow Centrepoint shareholders to "remove a significant [Centrepoint] shareholding from the market and receive reasonable consideration for the business".
"While PIAS is one of the most successful investor adviser services businesses in Singapore, it is difficult for us to contribute to its management and meet its investment needs going forward," Robinson said.
PIAS is a financial planning business in Singapore under a branch network structure with over 300 licensed financial advisers.
Centrepoint Alliance purchased 100 per cent of the Australian company Professional Investment Holdings and its financial services subsidiary, Professional Investment Services, in December 2010.
Recommended for you
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
