IOOF moves forward with ANZ Wealth acquisition

IOOF is moving forward with the crucial acquisition of ANZ's wealth business

Recommendation
IOOF moves forward with ANZ Wealth acquisition
View company profile for IFL

Date 3 Oct 2018
Current Price $5.25

Buy
below
Hold
up to
Sell
above
Buy Hold Sell Meter
Max Portfolio Weighting
Business Risk
Medium-High
Share Price Risk
Medium-High

Following IOOF Holdings' appearance at the Royal Commission in August, questions had been raised (unjustly in our view) about whether it was a suitable entity to take over ANZ's wealth business.

So it was good to see the company announce the partial completion of the deal yesterday, with IOOF taking ownership of ANZ's Aligned Dealer Groups (a network of financial planners). IOOF is still to absorb ANZ's Pension and Investments (P&I) business, although it will receive an amount approximating the returns of the business in the meantime.

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