Morningstar Australasia has entered into an agreement to acquire investment consulting firm Intech from IOOF for an undisclosed sum.
Intech chief executive John Gethin-Jones will leave the business once the transaction is completed, which is expected to be some time in the next few months.
At that time, Morningstar Australasia head of research Anthony Serhan will oversee the business.
IOOF purchased Intech following the acquistion of Skandia in March 2009.
Following a strategic review of Intech after the acquisition, a decision was taken to seek out a more appropriate owner for the business, its clients and staff.
"IOOF is pleased to see the Intech business sold to a company of the calibre of Morningstar," IOOF managing director Chris Kelaher said.
