Australia: ClearView Wealth Limited (ASX:CVW)’s Stock Up on Sony Life Deal

ClearView Wealth Limited (ASX:CVW)’s stock rose slightly in today’s trading on news that the company has inked an agreement with Sony Life. At noon today, CVW was up 0.368% to 1.365 a share at the Australian Securities Exchange.

Here is the news about the Clearview Wealth Limited and Sony Life deal:

ClearView Wealth Limited (ASX:CVW), a diversified Australian financial services company, has entered into a mutually beneficial cooperation agreement with Sony Life Insurance Co Ltd (Sony Life).

The deal calls for the two comanies to share information and increase their coordination to drive efficiency and growth across both organisations, according to a disclosure to the Australian Securities Exchange.

ClearView said the agreement follows the recent addition of Sony Life to the ClearView register as a strategic shareholder having acquired a 14.9% interest in the company.

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Under the Cooperation Agreement, ClearView and Sony Life will leverage each other’s knowledge and skills to continue developing both businesses.

ClearView and Sony Life will look to expand ClearView’s footprint in the independent financial adviser (IFA) market; enhance the quality of strategic advice provided by ClearView’s aligned adviser network; and increase the recruitment and productivity of skilled aligned advisers.

The Cooperation Agreement is effective from 13 January 2017 for so long as Sony
Life holds at least 10 per cent of the issued share capital in ClearView.

ClearView Managing Director Simon Swanson said the Cooperation Agreement demonstrated Sony Life’s commitment to working together in good faith.

“This collaboration will see ClearView benefit from Sony Life’s substantial expertise in product development, distribution and marketing. Both parties have also agreed to share information in relation to best practice in financial advice, technology, internal operations and financial reporting practices,” he said. – BusinessNewsAsia.com

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