IOOF divests NZ business
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.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
