Suncorp Metway joins the acquisition trail
Australia’sfinancial services industry is poised for further rationalisation as Suncorp Metway goes on the acquisition trail.Money Managementunderstands Suncorp Metway’s talks with Royal Sun Alliance about acquiring its Australian operations are well-advanced.
Market analysts see the fit of Royal Sun Alliance into Suncorp as logical and the next move in the rationalisation of the financial services industry.
Royal Sun Alliance is best known for owning Tyndall Investment Management and Connelly Temple, but it also has the highly profitable AAMI insurer in the stable. It also owns Guardian Trust, which provides custodial services, risk insurer LifeRisk and the Optimum superannuation master trust.
In total, Royal Sun Alliance Financial Services has $6.5 billion of funds under management and $12 billion of funds under supervision.
Suncorp has $9.2 billion of funds under management and also has its own financial adviser distribution group. The planning arm has about $1.8 billion of funds under administration.
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