Ann: IOOF Q1 FY2022 update, page-19

I agree. We've all seen this before with large acquisitions in the financial space. The acquirer wants the figures to stack up because there's an opportunity to expand the business. The focus is on the additional revenue (or FUM), and the integration costs get pushed aside in the analysis. The target wants the best price for their business so they bury their legacy IT issues. I work in the IT industry. IT is the life blood of a financial organisation. It impacts all aspects of the business. If anything IOOF should be employing additional staff to swallow MLC. I really can't beleive they've lumped the whole IT structure in with Operations. Maybe it will go better this time under Renato who is a smart guy and has some experience at NAB. But history is not on his side.
IMO. In the short term the integration will take longer and cost more than expected. On the upside, it should play out well for IOOF in the longer term.