Aviva Australia has snapped up a strategic stake in Melbourne-based boutique dealership Meritum Financial Group (Meritum).
The insurance giant declined to reveal the size of the shareholding it had acquired or the amount it had invested.
Since it was founded in 2004, Meritum has grown to $2.6 billion in funds under advice and more than 80 advisers.
Aviva Australia owns sizeable stakes in Infocus Wealth Management and Financial Technology Securities, and approximately 25 per cent of Professional Investment Services.
Aviva Australia chief executive Allan Griffiths said Meritum was a key acquisition.
"Aviva's investment will allow us to move Meritum to the next level and achieve our next strategic objective which is to establish a salaried adviser force," said Meritum director Brian Dau.
An Aviva spokesman said the group was constantly in discussions with licenses and he expected the group would make another two strategic shareholding acquisitions.
