Leading financial services company Aviva Australia today announced it has acquired a shareholding in Meritum Financial Group (Meritum), a Melbourne-based boutique dealer group.
Leading financial services company Aviva Australia today announced it has acquired a shareholding in Meritum Financial Group (Meritum), a Melbourne-based boutique dealer group.
According to Allan Griffiths, chief executive officer of Aviva Australia, the acquisition is an important one for Aviva.
"While Aviva is experiencing strong organic growth, we remain committed to acquiring strategic stakes in successful dealer groups and are very pleased to announce our alliance with Meritum Financial Group," he said.
Since it was established in 2004, Meritum has grown rapidly to A$2.6bn in funds under advice and more than 80 advisers. It was founded by directors Brian Dau and Theo Christopoulos, who have welcomed Aviva's investment in the group.
"We have a strong relationship with Aviva and look forward to continuing to work closely with the company as one of our shareholders," said Mr Dau.
"We our delighted with our growth so far, especially as our focus is on quality rather than size - we are selective about the advisers we invite to join us and our record demonstrates that our exclusivity appeals to successful advisers.
"Aviva's investment will allow us to move Meritum to the next level and achieve our next strategic objective which is to establish a salaried adviser force," added Mr Dau.
Mr Griffiths says that Meritum complements the other dealer groups in which Aviva already has successful investments.
"Meritum's continued growth and success clearly demonstrates there is a place for high quality, well run dealer groups and that provision of effective financial advice to Australians is a growth sector," said Mr Griffiths.
Aviva Australia also owns shareholdings in Professional Investment Services, Australia's largest dealer group, as well as fast growing dealer groups Infocus Wealth Management and Financial Technology Securities.
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For further information please contact:
Tim Cobb
General Manager Marketing & Public Relations
Aviva Australia
Phone: (03) 9829 8509
Mobile: 0418 529 387
Notes to editors:
About Aviva Australia
Aviva Australia, the local face of the global Aviva plc group, provides life insurance, investment and superannuation products and services to the Australian community. The organisation has operated in Australia for more than 100 years, where it has 800 staff who serve some 300,000 customers. For information about Aviva Australia's products and services, contact your financial adviser or visit www.avivagroup.com.au.
- Aviva Australia is a group of two specialist financial services companies: Navigator Australia Limited and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc ("Aviva"). 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.
- Aviva is one of the leading providers of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales* of £41.5 billion at 31 December 2006 and assets under management of £377 billion at 30 June 2007.
* Based on life and pensions PVNBP, total investment sales and general insurance and health net written premiums including share of associates' premiums. - The information in this document reflects Aviva Australia Holdings Limited (ABN 38 095 045 784) and its related entities understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. Applications to invest in a financial product issued by Aviva, or any of its related entities, must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Aviva or your financial adviser. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances. Aviva does not receive any remuneration in relation to the provision of information available from this press release which is of a general nature only.
About Meritum
Meritum Financial Group Pty Ltd (Meritum) was registered as a company in Victoria on 1 March 2004. Since then, Meritum has grown substantially and has a presence in all Australian States except Queensland. The company offers a personalised service in financial planning, wealth creation and wealth preservation strategies. For information about Meritum visit www.meritum.com.au.