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IOOF to complete early on acquisition of ANZ Aligned Dealer Groups and achieve early economic completion of the Pension & Investments business

30 Jul 2018
From

Rnato Mota

IOOF Holdings Limited (IOOF) has announced that it will obtain legal ownership of Australia and New Zealand Banking Group Limited’s (ANZ) Aligned Dealer Group businesses (ADGs) from 1 October ahead of schedule.

IOOF’s Group General Manager of Wealth Management, Renato Mota, said “It is pleasing to bring together the talent, experience and client first focus of our two organisations ahead of schedule.  We are creating Australia’s leading advice community – embracing diversity, a commitment to quality client outcomes and driven by passionate people.

“Having spent the past few months getting to know the advisers and the teams that support them, I am excited to be bringing together the combined talents and offerings of each organisation for the benefit of our clients.”

ANZ’s ADGs include advisers licensed under RI Advice, Millennium 3, Financial Services Partners and Elders Financial Planning.

Darren Whereat, General Manager, Aligned Licensees and Advice Standards at ANZ Wealth added “Through getting to know IOOF and their value proposition as one of Australia’s leading advice-led wealth management organisations, our advisers are excited by the opportunity presented by IOOF for both their businesses and their clients. The feedback from our advisers has been that they want to move forward as soon as possible, so I am pleased that we have been able to complete the transaction ahead of schedule.”

Mota adds “This support and endorsement has underpinned the early completion. It bodes well for the integration and reflects a tremendous opportunity for the future development and success of IOOF’s advice businesses.”

Accelerated economic completion of acquisition of ANZ’s One Path Pensions and Investments (P&I) business

Additionally, IOOF also announced that it has entered into a non-binding term sheet with ANZ for an accelerated economic completion of ANZ’s P&I business.  This would see the economic completion of this business brought forward to 1 October, with final completion taking place upon separation of the P&I products from OnePath Life.  This is expected to occur towards the end of March 2019.

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