IOOF exits its Australian Ethical stake
IOOF has exited its stake in Australian Ethical.
IOOF has announced to the Australian Securities Exchange that it has sold approximately 14.2 million shares of its minority stake in Australian Ethical reducing its stake in the fund manager to just 4.9%.
IOOF chief executive, Renato Mota said the sale was consistent with IOOF’s transformation strategy which included a simplification of the business.
“We remain committed to providing access to ethical investment for the benefit of our clients as well as generally,” his announcement said. “Australian Ethical’s award winning funds will remain available alongside several other ethical investments on our platforms.”
Recommended for you
VanEck is expanding its fixed income range with a new ETF this week to complement its existing subordinated debt strategy which has received $1 billion in inflows this year.
Specialist global equities manager Nanuk has celebrated 10 years of its flagship New World Fund and is actively considering its next possible vehicle.
Australian equities manager Datt Capital has built a retail-friendly version of its small-cap strategy for advisers, previously only available for wholesale investors.
The dominance of passive funds is having a knock-on effect on Australia’s M&A environment by creating a less responsive shareholder base, according to law firm Minter Ellison.
