Comment: "Aviva is getting into the IFA (independent financial adviser) space, while AXA had disposed of their IPAC business in HK and Singapore earlier this year, IPP is still on the block after HK's Convoy backed out from their acquision. IFA space will sure look very different by the end of next year."
- Centrepoint Alliance has entered into a conditional agreement with Aviva Asia Holdings for the sale of its interest in Singaporean advisory group Professional Investment Advisory Services (PIAS).
The agreement between Centrepoint subsidiary Fifth Floor and Aviva Asia will involve the sale of Fifth Floor's 81 per cent of issued capital in Singaporean subsidiary Professional Advisory Holdings (PAH).
PIAS is the wholly-owned subsidiary of PAH, which has more than 300 licensed financial advisers on its books.
Centrepoint managing director Tony Robinson said the decision to sell its interest in PIAS stemmed from the Australian company's difficulty in contributing to the management and investment needs of the business.
Commenting on the agreement, Aviva Singapore chief executive Nishit Majmudar said: "We are excited about the opportunity to be involved with PIAS and look forward to working with PIAS advisers in facilitating growth opportunities for the company."
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