IOOF buys into Perth dealer group
TheIOOF Grouphas taken a strategic stake in Perth based dealer group Ascare Financial Services as part of its latest push to extend its planning network Australia-wide.
The alliance with the boutique dealer group will see IOOF expand its distribution capacity into Western Australia for the first time.
Ascare, which has been operating in Perth since 1993, currently consists of eight proper authority holders working under the leadership of managing director Pierre Schinazi.
IOOF general manager of retail funds management Richard Nunn says the new partnership is the latest confirmation of IOOF’s commitment to grow its network of advisers through alliances with boutique dealer groups in all Australian states.
In January, IOOF announced it had purchased a 50 per cent stake in Melbourne based dealer group, WorkForce Financial Services, giving it a vital foothold in the Victorian financial planning market.
“This [latest alliance] not only boosts our distribution capacity but creates a strong partnership which will ensure the reach of our products to all corners of the country,” Nunn says.
The news of IOOF’s partnership with Ascare follows the announcement that the group’s head of distribution, Mark Knight, will be promoted to the newly created role of head of retail investments.
Knight will be responsible for building the profile of IOOF's retail investment products and promoting the group's investment management capability through its funds management partner,Perennial Investment Partners.
Recommended for you
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
