IOOF Holdings Limited (ASX: IFL) in an agreement with ANZ’s P&I businesses.
The company has been under an agreement to receive a partial economic interest of its Pensions and Investments (P&I) business and the legal ownership of its Aligned Dealer Groups (ADG) from October 1, 2018, as announced by ANZ after entering a non-binding term sheet. ANZ P&I business will receive an initial payment of $800 million from IOOF equivalent to approximately 82% of the economic interest.
Expected towards the end of the first half of 2019, there is no capital benefit until completion of the remaining P&I businesses. Earlier in 2007, ANZ announced the sale of the P&I and ADG businesses to IOOF. As at June 30, 2018, total FUMA was at $125.9 billion. Net inflows by segment for quarter to June 2018 is as follows - $2.5 billion for the quarter from advice, $666 million from the platform while investment management contributed $130 million.
The group reported for a record quarterly net flows of $3.2 billion in funds under management, administration and advice (FUMA) for the fourth quarter FY18. IFL is currently trading at a market price of $9.445 with a daily price change of $0.505 or a percentage change or rise of 5.6% as at July 26, 2018 before market close. The stock has however seen a performance change or decline of -8.31% over the past 12 months.[pluginops_form template_id='23834' ]
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