IOOF completes early on ANZ transaction
Amid the continuing debate over the future shape of financial planning, IOOF has moved early to complete its acquisition of the ANZ-aligned dealer group business.
The company announced to the Australian Securities Exchange that the deal would complete on 1 October, well ahead of schedule.
ANZ’s aligned dealer groups include advisers licensed under RI Advice, Millennium 3, Financial Services Partners and Elders Financial Planning.
Additionally, IOOF announced that it had entered a non-binding term sheet with ANZ for an accelerated economic completion of ANZ’s Pensions and Investment business with economic completion brought forward to 1 October, with final completion taking place upon separation of the P&I products from OnePath Life towards the end of March 2019.
Commenting on the early completion, IOOF general manager of Wealth Management, Renato Mota, said it was leasing to bring together the talent, experience and client first focus of the two organisations ahead of schedule.
“We are creating Australia’s leading advice community – embracing diversity, a commitment to quality client outcomes and driven by passionate people,” he said.
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