Royal SunAlliance scoop up Cameron Walshe
Royal SunAlliance is to add to its distribution network with the proposed acquisition of financial planning group Cameron Walshe.
The acquisition of Cameron Walshe and its $628 million of funds under advice for an undisclosed sum will significantly add to Royal and SunAlliance's focus on the financial planning industry. The group currently owns parts of several small financial planning groups including Charterbridge Davey.
The group also acquired master trust provider Conolly Temple in March this year but Royal and SunAlliance financial services chief executive Dennis Fox says there are no plans for further purchases in place at the moment.
"We are always prepared to look for further acquisitions but right now are focused on the current one we have," he says.
According to Fox, part of the strategy behind the Cameron Walshe acquisition and growth of distribution is about getting closer to the customer, assisting with developing new products.
Under the acquisition proposal Cameron Walshe directors will stay on in managing roles and Fox says the future outlook will concentrate on growth.
"We will also be looking for a long term CEO as part of the strategy for growth of distribution," he says.
Fox also hopes to strengthen the number of planners in Cameron Walshe from its current 25 to 100 by the end of next year, with larger growth in subsequent years.
He says the attraction of Cameron Walshe is the group's strong name in the financial planning industry and its potential for growth with capital and resource support.
Fox says the acquisition process is waiting on formal approval from both parties, and is expected to be completed by early January.
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