IOOF divests NZ business

IOOF divest divestment

16 April 2020
| By Jassmyn |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

6 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

3 weeks 5 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

4 weeks 1 day ago