Australian Unity takes Bridgeport


Australian Unity has moved to acquire Netwealth subsidiary, Bridgeport Financial Services.
The transaction was announced today, with Australian Unity saying it had entered into an agreement to acquire the business of Bridgeport which currently has nine advisers and around $550 million in funds under advice.
The transaction is consistent with Netwealth’s announcement in September last year that it intended to sell its advice subsidiaries to focus on its platform and managed account solutions.
Confirming the move, Australian Unity’s chief executive officer - Wealth & Capital Markets, David Bryant said the first priority would be to continue to work with the team at Netwealth to ensure a smooth transition for clients and staff to Australian Unity.
“Building our advice capability and footprint remains a key objective for Australian Unity and is directly in line with our ambition to deliver more for our customers,” he said.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.