A Japanese life insurance company has taken a 14.9 per cent stake in ClearView Wealth, as the two companies begin collaborating to expand ClearView’s distribution channel with IFAs.
According to an ASX announcement, Sony Life Insurance has agreed with Crescent Capital Partners to invest in ClearView. The life insurer will be represented on the ClearView board through an appointment of a non-executive, non-independent director, the statement said.
The two companies have also agreed to collaborate with a view to growing ClearView’s distribution network in the “fast growing” IFA channel.
They will also seek to enhance the quality of strategic advice to be provided by aligned advisers as well as increase recruitment and productivity of high-quality and skillful aligned advisers.
The statement said ClearView and Sony Life share a similar philosophy in providing quality products and financial advice.
ClearView managing director Simon Swanson said, “We are delighted to welcome Sony Life as a shareholder in ClearView.
“We believe they will be able to bring significant experience to ClearView as we look to continue to grow our business.”
The prudential regulator has released its latest corporate plan.
The bid was originally put forward in June.
ASIC has issued a permanent ban to the former financial adviser.
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