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.
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