International insurance giant Aviva has moved to strengthen its distribution network in Australia through the acquisition of a 25 per cent s...

International insurance giant Aviva has moved to strengthen its distribution network in Australia through the acquisition of a 25 per cent stake in niche group Infocus Wealth Management. The financial details of the deal have not been made public but the Infocus stake is the latest in a string of similar moves for Aviva, which is attempting to widen the distribution network for its Navigator investment platform. Aviva Australia chief executive Alan Griffiths said that the insurer had no plans to “meddle” in the day to day running of the Infocus business, although it would take a seat on the company’s board. “It is not our philosophy to acquire an equity stake in Infocus in order to dictate how they run their business, but rather to develop a closer partnership, providing skills and product expertise to enhance their business,” Mr Griffiths said. Infocus is strong in the north-eastern state of Queensland and has A$1.2 billion in funds under administration. Aviva’s Navigator platform is used by around 3,500 financial advisers in Australia and according to research group Rainmaker is the eighth most popular investment platform with a market share of 4.7 per cent. Aviva claims that in terms of funds invested Navigator is growing at twice the industry average of 15 per cent last year.