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Australian Unity and Adelaide-based Lifeplan Funds Management have announced plans to merge.
The two mutual companies will have combined funds under management of more than $7 billion. However, the merger is subject to the approval of Lifeplan members and a special meeting will be convened in Adelaide to vote on the proposed merger.
Australian Unity operations range from health care and retirement homes to funds management. Lifeplan has built a business based on the old friendly society bonds with a strong emphasis on funeral bonds.
“We see this as a rare opportunity to combine the experience of two complementary Australian companies that both have strong histories providing valued products and services to members,” Australian Unity group managing director Rohan Mead said.
The Lifeplan brand will be retained and its customers will continue to deal with the Adelaide business, a statement from the two groups said.
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