Aviva today announced the acquisition of a 25% stake in financial advisory group, Infocus Wealth Management.
Aviva today announced the acquisition of a 25% stake in financial advisory group, Infocus Wealth Management.
Infocus is one of Australia’s fastest growing financial advisory businesses with over A$1.2 billion in funds under administration and 30 offices around the country.
Aviva’s chief executive officer, Allan Griffiths said he was delighted to announce the equity stake acquisition, confirming Aviva’s commitment to purchasing strategic stakes in high potential groups, in line with existing equity relationships with leading adviser groups Professional Investment Services and Financial Technology Securities.
“Aviva has worked very closely with Infocus over a number of years and has been impressed with both their progressive business model and outstanding growth which has seen their business grow ten-fold since 1998,” said Allan.
“It is not our philosophy, however, to acquire an equity stake in Infocus in order to dictate how they run their business, but rather to develop a closer partnership, providing skills and product expertise to enhance their business.
“At Aviva our relationship with financial advisers and their clients is our number one priority. To succeed within the independent marketplace our products and services have to be of the highest quality,” said Allan.
The Infocus business strategy is built around providing tailored financial management for the individual, rather than moulding the individual to the products and services of an institution.
According to Infocus’ founding managing director, Darren Steinhardt, the Infocus corporatised business model is about running a business at optimal level, providing a business capability integrated with own proprietary practice management and financial planning systems.
“Over the last eight years Infocus has developed the financial fitness concept into a leading financial strategy, making us one of the most dynamic financial service providers in Australia,” said Darren.
The partnership between Aviva and Infocus recognises that each business has its own strengths. And now, both organisations can tap into those resources to build and complement their services to clients.
“Aviva lives up to its commitments and it is refreshing to work with a business partner who delivers on its promises. We look forward to a closer relationship with Aviva and to build on Aviva’s product and technology expertise,” said Darren.
Aviva expects the enhanced relationship with Infocus will enable it to capitalise on the group’s rapid expansion through its growing national network of advisers dedicated to providing top quality financial advisory services. And for Infocus, Aviva can offer the resources of a global financial services organisation including state-of-the-art insurance, investment products and the Navigator platform.
With the finalisation of the 25% equity stake, Aviva will occupy a place on the Infocus board.
“This is an exciting time for Aviva as we move to deepen our relationship with Infocus and their financial adviser network which, I believe will represent significant benefits to both groups,” Allan Griffiths said.
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Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of wealth creation and wealth protection for more than 300,000 customers throughout Australia.
- Globally, Aviva Australia is part of Aviva plc, the world’s fifth-largest insurance group, the UK’s largest insurance services provider (based on gross worldwide premiums at 31 December 2005), and one of the leading providers of life and pension products to Europe, with substantial positions in other markets around the world.
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of A$82.3 billion (Ł35 billion) and assets under management of A$745 billion (Ł317 billion) at 31 December 2005.
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