Suncorp Metway joins the acquisition trail
Australia’sfinancial services industry is poised for further rationalisation as Suncorp Metway goes on the acquisition trail.Money Managementunderstands Suncorp Metway’s talks with Royal Sun Alliance about acquiring its Australian operations are well-advanced.
Market analysts see the fit of Royal Sun Alliance into Suncorp as logical and the next move in the rationalisation of the financial services industry.
Royal Sun Alliance is best known for owning Tyndall Investment Management and Connelly Temple, but it also has the highly profitable AAMI insurer in the stable. It also owns Guardian Trust, which provides custodial services, risk insurer LifeRisk and the Optimum superannuation master trust.
In total, Royal Sun Alliance Financial Services has $6.5 billion of funds under management and $12 billion of funds under supervision.
Suncorp has $9.2 billion of funds under management and also has its own financial adviser distribution group. The planning arm has about $1.8 billion of funds under administration.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
