IOOF looks to acquire of ANZ P&I by early 2020
IOOF and ANZ are working towards the completion of IOOF purchasing of OnePath Custodians and Oasis Fund Management from the bank by 31 January, 2020.
In an announcement to the Australian Securities Exchange (ASX), IOOF said it welcomed the approval from the Australian Prudential and Regulation Authority (APRA) and that this was the last requirements in relation to the transfer of the ANZ Wealth Pension an Investments business (ANZ P&I) to IOOF.
IOOF chief executive, Renato Mota, said: “APRA’s approval represents an important milestone and allows for the creation of an industry leading advice-led wealth management organisation”.
“Our recent investment into uplifting governance and client focus provides a valuable foundation which will benefit all clients and members including those from the ANZ P&I business.”
A separate announcement by ANZ said the bank estimated it would increase ANZ’s APRA CET1 capital ratio by about 20 basis points.
Recommended for you
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
