Australian fund manager IOOF quits NZ
The fund manager’s Integral Master Trust managed five funds for more than 5,000 clients with about A$553 million under administration at March 31. That was IOOF’s primary business in New Zealand, and it closed its local operation effective from April 15.
IOOF said the sale proceeds weren’t material to earnings, and that the cost of closing down its Kiwi operation was negligible.
“The divestment of IOOF’s business interests in New Zealand reinforces our focus of simplifying the business around our advice-led strategy and opportunities,” chief executive Renato Mota said in a statement to the ASX yesterday.
IOOF New Zealand’s June 2019 accounts show the company received an offer from a third party to buy its Kiwi operations in October last year, and that the parent was committed to funding the winding down of the entity.
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