IOOF boss Renato Mota has chosen an executive to lead the group’s integration of the ANZ and NAB wealth businesses, as the company steers towards a June deadline for the MLC acquisition.
In the wealth giant’s first-quarter update, Mr Mota indicated Chris Weldon, who had previously led IOOF’s overhaul of its service model for frontline teams, had been appointed to the role of chief transformation officer.
Mr Weldon has also previously worked in senior product roles at both IOOF and MLC, making him the “stand-out candidate”, Mr Mota said.
The company is in the process of preparing for the $1.4 billion MLC purchase and the integration of the Pensions and Investments (P&I) business from ANZ, having established a joint transaction implementation committee with representation from IOOF, NAB and MLC.
The ACCC has also undertaken an informal public review, with its findings expected to be published on 4 February.
APRA will also have to approve the deal, with IOOF having to file an application to own or control an RSE licensee by early November.
Mr Mota reported all the processes are on track for a sale completion date before 30 June 2021.
IOOF’s funds under management, advice and administration (FUMA) were up by $529 million for the September quarter, compared to the previous quarter, boosted by market movements.
However there had been $137 million in net outflows during the three months, with $619 million being redeemed through the early super scheme. The early super payments had dropped on the June quarter’s total of $743 million.
The investment management division saw $62 million in net outflows, with the early release withdrawals weighing on the segment, although it was a drop from its $166 million in net outflows in the first quarter of financial year 2019.
The P&I business also saw $411 million in net outflows, excluding the early super redemptions.
Meanwhile the portfolio and estate administration side gained $226 million in net inflows, a decrease on the $396 million in net inflows it saw in the prior corresponding period.
In the financial advice segment, IOOF saw $110 million in net inflows, excluding $450 million flowing out from IOOF-aligned licensees to IOOF Alliances.
Four aligned practices with 23 advisers and $450 million in funds under advice had moved to be IOOF Alliances, as the group had restructured its advice models.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].