IOOF: Interim result 2015

This wealth management business continues to do what it does best: consolidate, drive down costs and keep a bit for itself.

Part of the thinking behind last year’s upgrade of IOOF Holdings was that the acquisition of SFG Australia (completed on 20 August) should provide another leg up for the company, and so it’s proving.

The most positive sign is that SFG’s advisers appear to be staying on board and that the company contributed a decent operating performance, with underlying net profit up 8% on a 5% increase in average funds under management and advice (FUMA).

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