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
The financial advice sector has benefited from a net rise of 11 advisers this week, according to Wealth Data, while AMP Group reports losses as several advisers open their own licensees.
Praemium has updated on the progress of its integration with platform OneVue, which it acquired from Iress earlier this year.
ASIC leadership has waded into the political debate about Qantas flight upgrades, confirming its executives hold membership of the Chairman’s Lounge but denying it affects their regulatory ability.
Perth advisory firm Capital Partners Private Wealth Advisers has announced a new managing director to take over from David Andrew as he steps down after 25 years.