The acquisition of Skandia by IOOF Holding Limited has generated its first fallout, with Intech Pty ltd now having been sold to ratings house Morningstar.
The transaction was announced to the Australian Securities Exchange today, with IOOF managing director Chris Kelaher saying the sale of the business would allow IOOF to focus on the integration of the Australian Wealth Management business.
The announcement said Intech’s servicing of both institutional and retail clients would continue and that it would continue to provide its services to the Skandia platform.
It said Intech chief executive John Gethin-Jones would continue to run the Intech business until the acquisition was completed, at which time he would hand over to the head of research at Morningstar, Anthony Serhan.
