Australian Wealth Management (AUW)

Shares / Stock Code

AUW

Stock Exchange / Sharemarket

ax

Australian Wealth Management (AUW) is a specialist in the provision of financial services to retail and wholesale customers in Australia. AUW listed on the ASX on 15th of February, 2005. In May 2006, AUW amalgamated with Select Managed Funds thus expanding its portfolio of operations to include Funds Under Management, Administration, Advice and Supervision (FUMAS) and geographical footprint. As at fiscal 2008, the Company held $60.4 billion in FUMAS. The Company conducts its operations under a range of brands comprising Bridges Financial Services, Australian Executor Trustees (AET), Spectrum Super and United Funds Management. In June 2008, AUW acquired a 70% shareholding in Ord Minnett Holdings Pty Limited, a wealth management company.

The Company conducts its operations through five divisions. Financial advice and distribution offers financial planning advice through services like investment research, training, compliance support and exposure to financial products. Private client is a provider of estate planning, trustee, agency and estate management services to customers. Platform management and administration is engaged in the provision of services via master trust platforms that provide a single access point to a number of investment products. Investment management offers the multi-manager approach, via sector specialist fund managers with the focus on providing above median performance at below median risk. Corporate trust focuses on providing custodial services for investment schemes, trustee of security trustee for securitization and structured finance transactions.

Australian Wealth Management is strongly positioned in personal and corporate superannuation, a national distribution network and has close relationships with customers. AUW is a low-cost operator, having the ability to quickly establish itself in niche markets.

Australian Wealth Management History

AUW was founded in July 2003 as a division of the Tower Group, which is a financial services provider in New Zealand and Australia. The new division included a range of Tower-owned businesses, previously operating as independent entities in the wealth management sector. The integrated wealth management division officially divested from Tower in February 2005, and listed on the Australian Stock Exchange as Australian Wealth Management Ltd through a scheme of arrangement. In May 2006, the Company formed a merger with Select Managed Funds.

Bridges was incorporated in 1985 with a focus on providing financial planning services. Since then it has formed strong alliances with a range of principal partners comprising over 100 credit unions, building societies, professional organisations, and referral partners like accountants and solicitors. Bridges and its related partners are engaged in the management of financial planning and stockbroking businesses, a master trust (The Portfolio Service), along with catering investment research and asset management services to its key partners. Australian Executor Trustees has been engaged in the provision of trustee services, will preparation, wealth management products and services, and wealth preservation and transfer services for more than 120 years. Select was founded in 1981 with an objective to provide administration, investment management and financial advice services to superannuation funds.