IOOF acquires 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.
Commenting on the acquisition, IOOF managing director Chris Kelaher said the addition of SFG Australia would increase IOOF's financial advice and distribution considerably.
"It will be business as usual for SFGA's clients," he said.
SFGA chief executive Tony Fenning said the company was fully committed to establishing a high quality, integrated and independent financial planning, wealth management and accounting services group.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
