IOOF divests NZ business
IOOF has divested its business interests in New Zealand to focus on advice-led strategy.
In an announcement to the Australian Securities Exchange (ASX), IOOF said that IOOF New Zealand had entered into an agreement to sell all client rights relating to the IOOF Integral Master Trust (IMT) to Britannia Financial Services. IOOF NZ would then retire as the manager of IMT.
IOOF chief executive, Renato Mota, said: “The divestment of IOOF’s business interests in New Zealand reinforces our focus of simplifying the business around our advice-led strategy and opportunities”.
As at 31 March, 2020, the IMT had approximately $553 million of funds under administration and over 5,000 client accounts.
“Operating the IMT was IOOF NZ’s primary business purpose and hence, IOOF NZ has closed effective 15 April, 2020,” the announcement said.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
