IOOF separates funds management
IOOF is planning to run its fund management operation separate from the friendly society structure, Money Management understands.
An announcement is expected today (Thursday) in Sydney when the new structure will be revealed.
By John Wilkinson
IOOF is planning to run its fund management operation separate from the friendly society structure, Money Management understands.
An announcement is expected today (Thursday) in Sydney when the new structure will be revealed.
The final details of the move were being put into place as Money Man-agement closed for press and nobody at the friendly society would comment on this dramatic shift in emphasis for IOOF.
IOOF has been promoting itself as a fund manager, rather than a friendly society, for a number of months and registered the name IOOF Funds Management earlier this year.
The move has been strengthen with the sale of the retirement villages and the building society to present a cleaner, more focussed struc-ture. As part of the building society sale to Bank of Bendigo, IOOF also sold its remaining branch offices to the bank.
Speaking to Money Management a couple of months ago, IOOF group gen-eral manager investments Tony Hodges said the fund management opera-tion had been made a separate entity within the friendly society for internal accounting purposes.
"IOOF's funds management operation is a separate unit and we have to add value to the parent entity at all levels," he told Money Manage-ment at the time.
When IOOF releases its results for the 1999 financial year, in a few weeks time, the funds management operation will appear with its own reporting stream rather than being buried in the general accounts.
At the end of June, IOOF Funds Management had $2.5 billion under man-agement.
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