IOOF to double its funds
IOOF is planning to double funds under management to $6.1 billion in the next three year with the launch of its new separate boutique funds management arm, Perennial Investment Partners.
Advisers are expected to provide $1.25 billion of this fund growth while the new financial planning joint venture with Bendigo Bank, now called Bendigo Investment Services (BIS), is to provide at least $300 million of inflows. BIS now has 22 advisers.
IOOF general manger of retail funds management, Barry Sheehan, says growth in wholesale business is expected to create inflows of at least $737 million while adviser group Winchcombe Carson will generate $450 million.
The creation of Perennial is the latest move in the ongoing campaign to emphasise the Victorian friendly society as a dynamic national fund manager, Sheehan says. A further confirmation of this shift will be the inclusion of IOOF as a manager of Australian equities and balanced funds on Navigator from next month.
IOOF is also working on a wrap account which is scheduled to go live on December 15 and will offer advisers a desk-top service.
Sheehan says advisers are to play a key role in IOOF's growth and a loyalty program is being devised.
"We are also looking at an equity participation plan into the master trust," he says. "We are working with consultants to develop a concept and that will be put to the (IOOF) board in October."
Minority ownership will also be offered to staff at Perennial to encourage continuity of the management team, says executive director Tony Hodges.
The new fund manager will have IOOF as the majority shareholder and board member Mike Crivelli will become the executive chairman of the new boutique manager.
The IOOF investment team will remain in Melbourne, but a new international equities team will be based in Sydney and spend time in both the US and Europe looking at markets.
Hodges says the new international team will also help provide a global perspective for the Australian equities specialists.
Recommended for you
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
ASIC was active in the first quarter of 2025 with several financial adviser bannings and court action, while the FSCP also handed down outcomes to advisers.
With a joint venture announced between WT Financial and Merchant Wealth Partners, the firm may have a US background, but partner David Haintz has a long history with Australian financial advice.
The big four bank is set to see $40 million per annum in cost savings as it continues to migrate customers from its Asgard wealth platform to BT Panorama by FY26.
