IOOF has divested its business interests in New Zealand to focus on advice-led strategy.
In an announcement to the Australian Securities Exchange (ASX), IOOF said that IOOF New Zealand had entered into an agreement to sell all client rights relating to the IOOF Integral Master Trust (IMT) to Britannia Financial Services. IOOF NZ would then retire as the manager of IMT.
IOOF chief executive, Renato Mota, said: “The divestment of IOOF’s business interests in New Zealand reinforces our focus of simplifying the business around our advice-led strategy and opportunities”.
As at 31 March, 2020, the IMT had approximately $553 million of funds under administration and over 5,000 client accounts.
“Operating the IMT was IOOF NZ’s primary business purpose and hence, IOOF NZ has closed effective 15 April, 2020,” the announcement said.