IOOF remains acquisitive
IOOF has signalled it remains in the market for strategic acquisitions after downplaying its failure to acquire AXA Asia Pacific’s North platform.
IOOF chief executive Chris Kelaher (pictured) told the company’s annual general meeting that IOOF’s interest in acquiring the North platform as part of National Australia Bank’s (NAB’s) bid for AXA AP was “opportunistic rather than strategically important”.
“While it is disappointing that it did not proceed, IOOF remains firmly focused on its existing strategy of integration, business simplification, and future adviser-driven growth into IOOF’s flagship platforms,” he said.
Kelaher said that what could not be ignored from the experience was the important role the investment platform played in the wealth management industry for advisers and their clients.
“A strong administration system, combined with superior service standards is vital for success,” he said.
He said that IOOF’s growth strategy would be adviser driven “both organically and through considered acquisitions”.
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Mike Taylor
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