Intech sold to Morningstar
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.
AUTHOR
Mike Taylor
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
