IOOF continue in distribution drive
By Kate Kachor
IOOF Funds Management has signed a strategic alliance with an Australian dealer group and rolled out its own back office support network, showing further signs the group is determined to grow its distribution capacity.
The strategic alliance, between the IOOF group and Equity Financial Services (EFS), will give IOOF a 33 per cent stake in the Melbourne-based group, which has an estimated $95 million in funds under advice and 20 financial advisers.
IOOF general manager of retail funds management Richard Nunn says the alliance is part of the group’s push to boost the distribution of its products through boutique financial planning groups.
“IOOF is committed to growing its Australia-wide distribution capacity through alliances with boutique dealer groups and EFS is a quality group with strong growth potential,” he says.
Meanwhile, IOOF’s new back office support network, Australian Financial Planning Network (AFPN), will provide back office support to the group’s distribution network, including the Winchcombe Carson dealership.
AFPN will be led by former Zurich national business manager of dealer back office service, Scott Monotti, and will necessitate the development of a network to support the distribution channels within the group’s boutique structure.
In his role as AFPN’s general manager, Monotti will report directly to Nunn.
Monotti’s previous roles include national manager of dealer groups, distribution and marketing with Lonsdale, and partner with McMillan Shakespeare Financial Services.
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