IOOF postpones listing due to market fears
Financial services groupIOOFhas put its planned public listing on hold as a result of concerns with the US economy and a possible war with Iraq.
While IOOF had planned to list on the stock exchange around May 2003, the group’s managing director Rob Turner says the listing date is now uncertain due to the current depressed market sentiment.
"We do not believe that now is the right time to be going to the market. The board has the matter under review and is committed to getting the best result possible for our 60,000-plus members, all of whom are now shareholders in the company,” he says.
Though the listing date has been postponed, Turner has confirmed that it is still scheduled to take place this year.
"It will certainly take place during 2003," Turner says.
IOOF chose to demutualise in June 2002, when members voted overwhelmingly to end the friendly status of the organisation and become a listed company.
The move was intended to crystallise value for members and open new opportunities for development and growth in both retail and wholesale investment markets.
Turner says he still expects keen interest in IOOF shares due to the quality of the products and processes of the group and the results it has achieved.
IOOF currently has over $5.4 billion in funds under management, administration and advice.
Recommended for you
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.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
