Has Pacman been closed down?

5 April 2019

Outsider wishes his old mate, former IOOF managing director, Chris Kelaher, a comfortable retirement/change of outlook following the company’s announcement that both he and IOOF chairman, George Venardos would be departing the company.

Few would have been surprised about the IOOF announcement given the view of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and the ongoing legal action being pursued by the Australian Prudential Regulation Authority (APRA).

Kelaher and Venardos were among those who stood aside after APRA initiated its action.

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As Kelaher himself acknowledged, it was time for IOOF to move on under new leadership.

But the question people should be asking is whether given Kelaher’s industry nickname of “Pacman”, will IOOF continue to be as acquisitive in the future as it has been in the past, especially with so many bank wealth assets still on the market?

Outsider is prepared to bet that Kelaher has his views on wealth acquisitions but will more likely be working on his golf handicap and his skiing and apres skiing technique in the near term.

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