Massive AWM shareholder approval for IOOF merger
Australian Wealth Management (AWM) shareholders today approved the proposed merger of financial services groups IOOF Holdings (IOOF) and AWM.
Approximately 99.7 per cent of the votes cast at a meeting held this morning were in favour of the merger, according to an Australian Securities Exchange media release.
IOOF chairman Ian Blair welcomed the “strong vote” by AWM shareholders, according to the release, saying it indicated AWM shareholders appreciated the benefits the merger would create.
It will bring together two complementary businesses with operations spanning the entire wealth management value chain.
The merger, proposed for April 30, remains conditional upon the approval of the Supreme Court of Victoria and the lodgement of the orders of the court with the Australian Securities and Investments Commission.
AUTHOR
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
