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Australian Wealth Investments Now Owns Two Of Australia's Largest Financial Web Portals
Australian wealth manager AWI adds to its growing control of the country's financial services web industry with the acquisition of YourShare.
Australian Wealth Investments, the Australian wealth management firm, has acquired online financial services firm YourShare for A$10.5 million.
The deal, completed in 13 December 2013, included an additional A$2 million in cash, subject to YourShare's net tangible assets being greater than a pre-agreed minimum. The acquisition come on the heels of the company's takeover of InvestSmart, the online financial services arm of Fairfax, in September 2013.
With the ownership of two of the country's largest Internet-based financial services portals, AWI controls a combined A$1.6 billion in funds under management in the industry and over 40,000 invested clients and 300,000 website subscribers.
AWI operates under several brands, including Bridges Financial Services, Australian Executor Trustees, Spectrum Super and United Funds Management. In June 2008, it bought a 70 per cent stake in Ord Minnett Holdings. In April 2009, the firm merged with IOOF Holdings.
