IOOF to acquire SFG Australia
IOOF has moved to acquire financial services group SFG Australia.
The companies announced on the Australian Securities Exchange this morning that they had entered into a Scheme of Implementation Agreement under which IOOF would acquire all the shares in SFG Australia under a scheme of arrangement.
The board of SFG Australia is unanimously recommending to shareholders that they accept the terms of arrangement with IOOF.
IOOF has said it will retain the SFG Australia brand strategy, operating model and client proposition.
The transaction has been valued at $670 million.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.