IOOF has exited its stake in Australian Ethical.
IOOF has announced to the Australian Securities Exchange that it has sold approximately 14.2 million shares of its minority stake in Australian Ethical reducing its stake in the fund manager to just 4.9%.
IOOF chief executive, Renato Mota said the sale was consistent with IOOF’s transformation strategy which included a simplification of the business.
“We remain committed to providing access to ethical investment for the benefit of our clients as well as generally,” his announcement said. “Australian Ethical’s award winning funds will remain available alongside several other ethical investments on our platforms.”
