Aust Unity completes Premium acquisition


Australian Unity has confirmed completion of its acquisition of independent dealer group, Premium Wealth Management.
The two companies confirmed that the transaction had been completed just days before Christmas, with Australian Unity acquiring around 97 per cent of the dealer group, with the remainder of the shares expected to be acquired over coming weeks.
Australian Unity declared its intention to pursue the acquisition in October last year and completion of the transaction has created a combined entity boasting 106 financial planning practices, 23 mortgage brokers, a general insurance broking capability and around $6 billion in funds under advice.
As part of the transaction, Australian Unity has agreed to retain both the Premium brand and strategy with Australian Unity Personal Financial Services chief executive, Steve Davis, saying it would be business as usual for the premium staffers.
"This acquisition should also better position Australian Unity Personal Financial Services to take advantage of opportunities arising from the significant regulatory and environmental changes impacting the profession," he said.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.