The Australian Competition and Consumer Commission today announced that it will not intervene in the acquisition of Portfolio Partners by Norwich Union Financial Services.
'While the acquisition places Norwich Union near the top 10 Australian funds managers, there remains a substantial number of strong competitors and there do not appear to be any problems with concentration*,' ACCC Chairman, Professor Allan Fels, said today.
'The acquisition has occurred when the financial services industry is experiencing more mergers. The ACCC will continue to closely monitor developments to ensure consumers are not disadvantaged.'
'While the acquisition places Norwich Union near the top 10 Australian funds managers, there remains a substantial number of strong competitors and there do not appear to be any problems with concentration*,' ACCC Chairman, Professor Allan Fels, said today.
'The acquisition has occurred when the financial services industry is experiencing more mergers. The ACCC will continue to closely monitor developments to ensure consumers are not disadvantaged.'