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
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
