The news was confirmed by Aviva Asia this morning.
The deal will see a transfer of the four-fifths of a stake in one of Asia’s largest advisory firms that Aviva Asia doesn’t already own from Australia’s CentrePoint Alliance, which had been held through its parent company.
In addition to Singapore, PIAS has operations in Australia, Malaysia and New Zealand.
David Bellingham, chief executive officer, director and responsible officer for PIAS Singapore, said there will be “no changes” in the way that PIAS operates.
It will remain “committed to unbiased advice, utilising the best products in the market, from a broad range of providers", he said.
“Advisers’ professionalism will be supported and enhanced.”
Bellingham said PIAS officials were “delighted to have the backing of a global group such as Aviva”, which he noted would give the advisory firm access to greater support, infrastructure, financial security and global expertise.
This in turn would enable it to look after its customers better, he added.
Instantly enlarged footprint
As reported, the deal, which had been conditionally expected to be completed by the end of October, gives the FTSE 100-listed, UK-based Aviva an instantly-enlarged presence in Singapore – a booming retail insurance market – while enabling Centrepoint to shed a non-core operation.
The exact value of the Aviva bid for PIAS is difficult to estimate, since it is complex and involves share swaps, cash, and Centrepoint shares of unspecified value.
PIAS is said to employ more than 330 licensed financial advisers in Singapore, and to look after almost 50,000 clients. Most of its business involves catering for locals, with expatriates accounting for around 10%, in terms of client numbers.
Centrepoint acquired Professional Investment Holdings (PIH), PIAS’s parent, in December 2010.
