IOOF to take over Plan B
IOOF has entered into an agreement whereby it will acquire all ordinary shares of Plan B, which is also the majority owner of My Adviser.
The move will add $2.2 billion to IOOF's funds under management via Plan B's internally managed platform.
The all-cash offer of $0.60 per share represents a 33 per cent premium to Plan B's closing share price on 12 July 2012 of $0.45 per share, according to a statement released to the Australian Securities Exchange.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
