IOOF drops friendly status
IOOF's 30 per cent rise in funds under management during the last financial year has come from independent financial advisers, says managing director Rob Turner.
IOOF's 30 per cent rise in funds under management during the last financial year has come from independent financial advisers, says managing director Rob Turner.
Funds under management total $2.3 billion, according to the 1999 annual report. With corporate trustee assets under administration included, this figure rises to $5.7 billion, up just over $700 million on the previous year.
The figure does not include funds under administration with IOOF's financial planning arm, Winchcombe Carson, which is now about $1.45 billion.
Turner says with the sale of the building society and the retirement villages, the company is now concentrating on funds management and financial planning.
"This year has seen a strategic realignment of IOOF," he says. "The focus is now fund management and financial planning including the new joint venture with Bendigo Bank which has 20 planners working in it."
The realignment of IOOF will see it dropping the words 'Friendly Society' from its registered name at the AGM next month. Turner says the company is now no longer a friendly society. In July IOOF became a public company with shares un-der the new Life Insurance Act.
Now that IOOF is a public company, Turner says the question of demutualisation must be considered again.
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