IOOF sells Perennial thorn

This platform administrator and financial adviser has sold part of its underperforming funds management business.

IOOF Holdings has removed a thorn from its side with the sale of Perennial Investment Partners’ Growth and Fixed Interest businesses to Henderson Group for $72m. The funds managed by the Growth business have mostly underperformed their benchmarks, net of fees, in recent years and, while the Fixed Interest business has done better, both have struggled to increase funds under management, while other managers have been making hay. IOOF will, however, retain its 42% holding in Perennial’s ‘value’ business – Perennial Value Management.

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