Aviva looks set to acquire a majority stake in PIAS, according to this article from International Adviser.
The deal, subject to regulatory approval, will see Aviva Asia own about 81% of PIAS.
PIAS, otherwise known as Professional Investment Advisory Services, is a licensed financial adviser which offers financial planning, insurance and finance solutions. They have more than 300 representatives.
It will be interesting to see how Aviva continues to let PIAS run independently. Inevitably, we will end up having a insurance company owning a company that sells it’s competitors products.
Great Eastern tried this experiment previously by setting up their own firm Alpha Financial Adviser which has its own financial adviser license, but the experiment ultimately didn’t work out.
Will we see more life insurance companies buying over financial advisers after the FAIR review has been completed?