IOOF looks to acquire of ANZ P&I by early 2020
IOOF and ANZ are working towards the completion of IOOF purchasing of OnePath Custodians and Oasis Fund Management from the bank by 31 January, 2020.
In an announcement to the Australian Securities Exchange (ASX), IOOF said it welcomed the approval from the Australian Prudential and Regulation Authority (APRA) and that this was the last requirements in relation to the transfer of the ANZ Wealth Pension an Investments business (ANZ P&I) to IOOF.
IOOF chief executive, Renato Mota, said: “APRA’s approval represents an important milestone and allows for the creation of an industry leading advice-led wealth management organisation”.
“Our recent investment into uplifting governance and client focus provides a valuable foundation which will benefit all clients and members including those from the ANZ P&I business.”
A separate announcement by ANZ said the bank estimated it would increase ANZ’s APRA CET1 capital ratio by about 20 basis points.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.