Aust Unity signals move into trustee service
Australian Unity has signalled its preparedness to move into full suite trustee services off the back of its acquisition of Flinders Australia Limited.
The transaction underlying the Australian Unity acquisition of Flinders was completed yesterday, with Australian Unity Personal Financial Services chief executive, Steve Davis, telling Money Management that he believed an opportunity existed to move into the trustee services arena.
At the same time, the company's formal statement announcing completion of the acquisition transaction, Davis said Australian Unity's strategy was to retain the Flinders operating model and client proposition, "but extend the service offering by becoming a licensed traditional trustee company (subject to regulatory approval)".
He made the point to Money Management that the acquisition of Flinders and a move into trustee services would fit with ensuring the company could offer a full suite of services to clients from financial planning and life and health insurance through to finance broking and general insurance.
"The addition of estate planning and possibly trustee services will make it easier for our advisers and accountants to fully address a complex area that has often been placed in the too hard basket by our industry," the company's formal statement said.
Davis said that Australian Unity's mutual status and corporate structure meant it had the requisite experience to operate as a fiduciary and act in our clients' best interests.
Recommended for you
Evidentia Group has announced the appointment of a chief risk and operating officer, rounding out its executive leadership team after a slew of hires last month.
Family office Lederer Group has progressed its takeover bid for the Elanor Commercial Property Fund, lodging a bidder’s statement with ASIC as it says the fund has been “unable to agree” on negotiation terms.
Magellan Financial Group is keen to enact further strategic expansions with income from strategic partnerships tripling to $31.1 million from the addition of Vinva during FY25.
Outflows have doubled in the property and infrastructure space to $1.3 billion with advisers instead favouring private markets as Morningstar data finds active property funds are struggling to outperform.
