IOOF’s strong half validates strategy
IOOF has reaped the benefits of its advice growth strategy reputing a 19 per cent increase in underlying net profit after tax for the first half to $94.8 million on the back of a 15 per cent increase in net inflows to $1.6 billion.
Advice net flows were up 40 per cent to $1.2 billion.
Commenting on the result, IOOF managing director, Christopher Kelaher said the half had seen another period of strong inflows and the continued attraction of talented advisers, noting that the acquisition of ANZ Wealth Management would bring “unique opportunities for long-term growth”.
“Organic growth is a key part of our advice-led strategy,” he said. “Advice inflows are particularly pleasing and show the benefits of operating multipole client value propositions supported by our open architecture approach.”
Looking at IOOF’s ANZ Wealth Management acquisition, Kelaher said it was well advanced and would cement the company y’s position as Australia’s leading advice-led wealth manager.
“This acquisition will be transformative for IOOF,” he said. “The completion phase of the acquisition is progressing as plan. I am confident that this acquisition will deliver significant benefits for our staff, advisers, clients and shareholders.”
The directors declared an interim dividend of 27 cents per share fully franked.
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.
