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
As ASIC chair Joe Longo pushes firms to prepare for the upcoming mandatory climate disclosure regime, what skills are necessary if firms are looking to expand their ESG teams?
First Sentier Investors has announced it will close four of its Australian investment teams amid a simplification of the business, with $14 billion expected to be returned to investors.
Over 90 finalists have been chosen to compete at the 36th annual Fund Manager of the Year Awards, to be held in Sydney on 13 June.
Clients may be asking their adviser whether there is still value in the US technology names after their rally, but Fidelity International’s Lukasz de Pourbaix believes they can still offer upside.