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
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.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.