IOOF gets MySuper sign-off
IOOF has received its MySuper license approval from the Australian Prudential Regulation Authority (APRA) and has signalled it will be offering a "dynamically managed diversified investment strategy" via its IOOF Balanced Investor Trust.
The company said it would begin offering its MySuper product from 1 January, next year.
Commenting on gaining APRA approval for the MySuper product, IOOF managing director Chris Kelaher said it offered members an appropriate investment option for those who don't make a choice.
"Our superannuation platforms have always offered clients and advisers access to quality investment options, industry leading customer service and value for money. IOOF MySuper is simply a continuation of this approach," he said.
Kelaher said that instead of adopting a lifecycle fund strategy in MySuper, IOOF would offer investors a dynamically managed diversified investment strategy via the IOOF Balanced Investor Trust.
"IOOF will look to complement this solution with a range of tools and services to help investors manage retirement outcomes incorporating a range of factors including time to retirement," he said.
Recommended for you
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
