Stocks Special Reports LICs Credit Funds ETFs Tools SMSFs
Video Archive Article Archive
News Stocks Special Reports Funds ETFs Features SMSFs Learn


IOOF eyes banks as it looks to expand

Melissa Jenkins  |  08 Aug 2017Text size  Decrease  Increase  |  

Page 1 of 1

MELBOURNE - [AAP] Financial services firm IOOF Holdings (ASX: IFL) is on the hunt for acquisitions to add to its growing team of advisers and the billions of dollars it manages.

IOOF shares were up 6.2 per cent at $10.72 at 1320 AEST after it announced a 16 per cent drop in profit from its continuing operations to $116 million, and steady revenue of $908 million.

The company attracted 33 new advisers in the year to June 30, adding $976 million to its inflows, and its funds under management of $115 billion on June 30 were up $10.8 billion from a year ago.

Managing director Christopher Kelaher said the company hoped to grow that new adviser figure to around 50 over the next six months, counter to the industry trend.

IOOF expects its purchase of National Australia Bank's National Australia Trustees business to be finalised in the next six months, subject to regulatory approval, and he said the company is looking at further acquisitions.

"It's fair to say that if you were looking at the universe in the wealth management sector, whether they be banks or otherwise, we would be active in looking at them right now," Mr Kelaher told AAP.

"At the moment with the negative sentiment on some of the other larger institutions I think we're in a very good spot."

IOOF's annual net profit of $116 million was down 41 per cent on the previous year, when it sold the Perennial Fixed Interest and Perennial Growth Management parts of its business to the Henderson Group.


* Profit from continuing operations down 16pct to $116m

* Revenue steady at $908 million

* Final dividend up 1 cent to 27 cents, fully franked


AAP logo image

© [2017] Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.