AWM remains acquisitive
Australian Wealth Management (AWM) has signalled its intention to pursue further acquisitions in the superannuation and funds management area, after reporting a 39 per cent increase in net profit after tax to $20.1 million.
AWM managing director Chris Kelaher pointed to the fact that AWM had completed a number of bolt-on acquisitions, including the Merrill Lynch (Super and Pension Fund) Limited, the WHK Umbrella Superannuation Fund and Challenger Funds Management Limited, and it continued to see similar acquisition opportunities in the area.
He said the AWM report represented the first since the completion of its merger with Selected Managed Funds.
Kelaher said the integration of the two businesses had begun, and the process had confirmed the board’s original view of a strong fit between the two businesses.
He said the company remained comfortable with the two-year integration timeframe that had been set for the process.
AUTHOR
Mike Taylor
Recommended for you
AZ NGA’s CEO has unpacked how its recent $345 million debt facility from Barings will accelerate its advice network’s growth ambitions, and allow its largest firms to access a greater source of funding.
Research by Colonial First State has found women are reluctant to make retirement preparations, despite 62 per cent saying they feel that they are unable to achieve a comfortable retirement.
Managed accounts saw net inflows of $14.3 billion in the six months to 31 December, according to the latest IMAP FUM census.
The increased bids for Insignia from Bain and CC Capital value the company at $3.3 billion, while there is still a possibility for competing bids from rival players such as Brookfield.
