IOOF completes divestment of Ord Minnett

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.”

Advertisement
Advertisement

Ords has reported it holds more than $35 billion in funds under advice.

IOOF completes divestment of Ord Minnett
Renato Mota
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.