IOOF Holdings Ltd (“IOOF”) today announces that IOOF New Zealand Ltd (“IOOF NZ”), has entered into an agreement to sell all client rights relating to the IOOF Integral Master Trust (“IMT”) to Britannia Financial Services Limited (“Britannia”). As part of the transaction, IOOF NZ has retired as the Manager of the IMT.
At 31 March 2020, the IMT had approximately A$553 million of funds under administration and over 5,000 client accounts. Operating the IMT was IOOF NZ’s primary business purpose and hence, IOOF NZ has closed effective 15 April 2020.
IOOF CEO Renato Mota commented, “The divestment of IOOF’s business interests in New Zealand reinforces our focus of simplifying the business around our advice-led strategy and opportunities.”
The sales proceeds and contribution to IOOF’s underlying net profit after tax (UNPAT) of IOOF NZ are not material. The costs associated with winding down IOOF NZ are negligible."
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Ann: IOOF divests New Zealand-based IOOF Integral Master Trust, page-2
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