IOOF’s strong half validates strategy
IOOF has reaped the benefits of its advice growth strategy reputing a 19 per cent increase in underlying net profit after tax for the first half to $94.8 million on the back of a 15 per cent increase in net inflows to $1.6 billion.
Advice net flows were up 40 per cent to $1.2 billion.
Commenting on the result, IOOF managing director, Christopher Kelaher said the half had seen another period of strong inflows and the continued attraction of talented advisers, noting that the acquisition of ANZ Wealth Management would bring “unique opportunities for long-term growth”.
“Organic growth is a key part of our advice-led strategy,” he said. “Advice inflows are particularly pleasing and show the benefits of operating multipole client value propositions supported by our open architecture approach.”
Looking at IOOF’s ANZ Wealth Management acquisition, Kelaher said it was well advanced and would cement the company y’s position as Australia’s leading advice-led wealth manager.
“This acquisition will be transformative for IOOF,” he said. “The completion phase of the acquisition is progressing as plan. I am confident that this acquisition will deliver significant benefits for our staff, advisers, clients and shareholders.”
The directors declared an interim dividend of 27 cents per share fully franked.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
