Friendly takeover
Australian Unity has taken over the $60 million Permanent Friendly Society, its biggest merger since its formation in 1993.
Australian Unity has taken over the $60 million Permanent Friendly Society, its biggest merger since its formation in 1993.
The society had a single product, the Heine Investment Bond, which won the <I>Money Management<I> best friendly society bond award in 1998.
The Heine group was taken over by Mercantile Mutual last year, which decided the bond was not part of the core business.
The 3,000 Permanent members approved the merger at the end of last month and Australian Unity group managing director Mark Sibree says the product will be rolled into the group's existing range.
Management of the funds in the bond will remain with Mercantile Mutual at pres-ent.
"Australian Unity continues to grow its fund management business by both acqui-sitions and organic growth," Sibree says. "This move is another example of con-solidation in the funds management area."
Australian Unity now has $1.2 billion of funds under management.
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