Ord Minnett is to be 100 per cent owned by private investors following a decision by both IOOF and J.P. Morgan.
Ord Minnett announced today that following on from IOOF’s recently announcement that it had divested its 70 per cent shareholding in Ord Minnett, the private investors had acquired J.P. Morgan’s 30 per cent stake giving them full ownership of the business.
The domestic consortium is being led by Ord Minnett executive chairman, Karl Morris who said the investors were strongly committed to achieving the best outcome for staff, clients and the business.
“Over the coming months, the consortium intends to enhance the investor pool with parties that align with Ord Minnett’s business values and desire for future growth,” he said. “Importantly, it is anticipated that the new ownership structure could allow staff participation in the future shareholding of Ord Minnett.”
The statement said Ord Minnett’s longstanding arrangements with J.P. Morgan to access research and Australian capital raisings in the form of IPOs, placements and other corporate originations will remain in place to ensure Ord Minnett clients and key business areas continue to maintain a competitive advantage.
It said the new ownership structure allows Ord Minnett business groups to provide industry leading investment advice and research, while offering a strong platform for growth.
Ord Minnett has $10.1 billion FUA (May 31, 2019) and a national network of 10 offices in capital and regional cities throughout Australia and Hong Kong.