IOOF and MacarthurCook rain on AMP bid
MacarthurCook, currently the subject of a bid by AMP Capital, has announced that it has entered into a strategic relationship with IOOF Holdings.
The company announced to the Australian Securities Exchange today that it has formed a strategic investment management and distribution alliance with IOOF that would see MacarthurCook become IOOF’s preferred direct property and mortgage investment manager, and the $200 million MacarthurCook Mortgage Fund re-branded the IOOF MacarthurCook Mortgage Fund.
The arrangement also sees IOOF assuming responsibility for the marketing and distribution of the IOOF MacarthurCook Mortgage Fund to investment platforms and financial planners and Perennial Investment Partners becoming investment manager of the fixed income component of the IOOF MacarthurCook Mortgage Fund.
It said that IOOF would become a substantial shareholder in MacarthurCook by subscribing for 3.45 million MacarthurCook shares under a private placement at a price of $1.15 per share, giving IOOF approximately 13 per cent of MacarthurCook.
Commenting on the transaction, MacarthurCook managing director Craig Dunstan said it would allow his company to concentrate on investment management and the continuing growth of its business overseas.
AUTHOR
Mike Taylor
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.
