IOOF looks to acquire of ANZ P&I by early 2020


IOOF and ANZ are working towards the completion of IOOF purchasing of OnePath Custodians and Oasis Fund Management from the bank by 31 January, 2020.
In an announcement to the Australian Securities Exchange (ASX), IOOF said it welcomed the approval from the Australian Prudential and Regulation Authority (APRA) and that this was the last requirements in relation to the transfer of the ANZ Wealth Pension an Investments business (ANZ P&I) to IOOF.
IOOF chief executive, Renato Mota, said: “APRA’s approval represents an important milestone and allows for the creation of an industry leading advice-led wealth management organisation”.
“Our recent investment into uplifting governance and client focus provides a valuable foundation which will benefit all clients and members including those from the ANZ P&I business.”
A separate announcement by ANZ said the bank estimated it would increase ANZ’s APRA CET1 capital ratio by about 20 basis points.
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.