Lifeplan members vote in favour of Australian Unity merger
Lifeplan members united today to vote in favor of its proposal to merge with Australian Unity.
The merger received approval from more than 98 per cent of Lifeplan members.
“It is gratifying that members agreed with the Lifeplan board that being part of a larger, more diverse mutual group with a similar heritage to Lifeplan was in their best interests,” said Lifeplan chairman John Butler, who will now join the Australian Unity board.
The merged company will operate under the Australian Unity brand, with Lifeplan members now becoming members of Australian Unity, according to a statement from the two companies.
The Lifeplan name will continue for the combined investment bond, funeral bond and education savings plan business, which is based in Adelaide, the statement said.
Meanwhile, Lifeplan general manager, strategic development, Matt Walsh will succeed Chris Wright in heading the Lifeplan business within the merged entity.
The merged entity will have $7.5 billion in funds under management, up to 330,000 members and 560,000 customers, with offices in Sydney, Melbourne Brisbane an Adelaide.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
