IOOF has announced the completion of the sale of its 70 per cent holding in wealth management group Ord Minnett for $115 million.
IOOF confirmed the sale completion yesterday, with a consortium of private investors led by Ord Minnett taking the stake as part of their new full ownership of the company.
The divestment was first publicised in June, with giants IOOF and JPMorgan both agreeing to cast off their respective stakes to the private investors.
JPMorgan held 30 per cent ownership.
Ords had been under IOOF and JPMorgan ownership for more than a decade.
Renato Mota, chief executive of IOOF said: “This is a timely opportunity for IOOF to divest its holding in Ord Minnett as we recalibrate our business and focus on our core wealth management capabilities.”
Ords has reported it holds more than $35 billion in funds under advice.
FASEA has conceded its guidance on scaled advice may not be legally reliable, ad...
A key super industry body has suggested the government’s forthcoming reforms t...
With rising compliance costs and more risks abounding for planners who try to be...