ANZ/IOOF acquisition rumours cooling
Speculation around a possible ANZ takeover of IOOF appears to be cooling after initial reports surfaced over the weekend.
Reports out of Fairfax on Saturday suggested ANZ might make a bid for IOOF, one of the country’s last remaining independent wealth management and advice businesses. Subsequent reports have suggested this is unlikely to be the case, with a senior ANZ official quoted in today’s Australian Financial Review quashing the rumours.
Both ANZ and IOOF have made a series of business sales and acquisitions over the past year as they position themselves for growth post-financial crisis.
ANZ strengthened its business through the acquisition of ING’s wealth management business last year and undertook a $2 billion capital raising before Christmas.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
