Wealth manager IOOF has reached a deal to buy NAB's wealth business for $1.4 billion, cementing the big four banks' exit from the super and wealth industries following a long list of scandals and mounting customer remediation bills.
"Merging two of the longest standing businesses in wealth management brings together a combined culture and common purpose of community spirit and supporting people to achieve their financial goals": IOOF chief Renato Mota.The deal will swell IOOF's funds under management to $510 billion, with $173 billion of this in superannuation monies. Mr Mota said scale was critical for the company's success.
The deal will form part of IOOF's strategy to embrace a "goals-led" advice-led model based on driving down costs. Under this strategy, dubbed Advice 2.0, IOOF purchased servicing rights for Bendigo and Adelaide Bank and IMB Bank clients and bought online tool Wealth Central for $30 million to better facilitate its digital advice services.
CharlotteGriev1 Sir I search a drug that resolve all signs and symptoms of corona in a single dose that can play a major role in corona pandemic control
CharlotteGriev1 Kettle, pot
مصر أحدث الأخبار, مصر عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
مصدر: theage - 🏆 8. / 77 اقرأ أكثر »