Tower snaps up IOOF Trustees
Tower has further expanded its trustee operations in Australia with the acquisition of IOOF Aus-tralia Trustees.
Tower has further expanded its trustee operations in Australia with the acquisition of IOOF Aus-tralia Trustees.
Tower says the purchase will complement the recent merging of the Australian and NZ trustee divisions into a single entity called Tower Trust, previously known as Austrust in Australia.
Tower is already NZ's largest corporate trust company with $21 billion under supervision.
IOOF Trustees, a subsidiary of Melbourne-based fund manager IOOF Ltd, has offices in Ade-laide and Sydney with assets under supervision of over $1.2 billion. The new Tower Trust will operate out of Sydney.
"The IOOF Trustee purchase will enable Tower to enhance our extensive range of private trustee services and further complement our substantial corporate trustee business in New Zealand," says group managing director James Boonzaier.
He says Tower will compete for corporate trust and custodial business as well as back office and administrative service business for fund managers and master trusts in Australia.
IOOF deputy chairman Dr Roger Sexton says the sale to Tower was a logical decision and would ensure the loyal client base continues to receive a high level of service.
"It is part of IOOF's strategic plan to divest itself of non-core assets such as IOOF Trustees and focus on its core business of funds management and financial management,” he says.
"In the past 12 months, IOOF has sold its building society and its retirement village business.
The sale of IOOF Trustees was always part of this strategy which is now nearing completion."
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
