Lifeplan members vote in favour of Australian Unity merger
Lifeplan members united today to vote in favor of its proposal to merge with Australian Unity.
The merger received approval from more than 98 per cent of Lifeplan members.
“It is gratifying that members agreed with the Lifeplan board that being part of a larger, more diverse mutual group with a similar heritage to Lifeplan was in their best interests,” said Lifeplan chairman John Butler, who will now join the Australian Unity board.
The merged company will operate under the Australian Unity brand, with Lifeplan members now becoming members of Australian Unity, according to a statement from the two companies.
The Lifeplan name will continue for the combined investment bond, funeral bond and education savings plan business, which is based in Adelaide, the statement said.
Meanwhile, Lifeplan general manager, strategic development, Matt Walsh will succeed Chris Wright in heading the Lifeplan business within the merged entity.
The merged entity will have $7.5 billion in funds under management, up to 330,000 members and 560,000 customers, with offices in Sydney, Melbourne Brisbane an Adelaide.
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.
