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IOOF prepares for growth

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IOOF will embark on an organic growth strategy over the next 12 months.
Funds management group IOOF Holdings will embark on an organic growth strategy over the next 12 months, the group's chief executive said.

IOOF chief Tony Robinson said the listed group remains on track to deliver 15 per cent growth in underlying earnings per share this financial year, making way for opportunities in 2008.

"IOOF is now well placed to pursue its growth agenda, building on the strong result we delivered in the last financial year," Robinson said.

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"The company has undergone a period of transformation and momentum-building in recent years, which has established the platform for us to pursue growth across the key areas of our business. 

"Over the next year we will be targeting organic growth, developing new products and channels to market, maintaining our focus on operating efficiency and devolving responsibility across key business lines to create greater accountability and focus".

Speaking at the company's annual general meeting held in Melbourne yesterday, he said IOOF was now structured across four key business units, each having a specific focus on particular market segments. 

They include IOOF Portfolio Solutions (the platform administration business); IOOF Investor Solutions (for investment products); Consultum Financial Advisers (its wholly-owned financial planning business); and Perennial Investment Partners (funds management).

Robinson said the company's Pursuit platform was continuing to perform well in the market and he was confident IOOF Portfolio Solutions would build net funds flow through expanded channel distribution. 

"The launch of Pursuit has been successful and we look forward to building its market penetration further over the coming year," Robinson said. 

"We will also continue to focus on developing new products and accessing new distribution channels for the other areas of our business."

"In the meantime, Consultum will increase its adviser numbers built around its core positioning of life-stage financial planning."  

He said Perennial would also continue its investment diversification across different asset classes with a focus on enhancing the Perennial brand to build the retail funds mix.

"We operate in a terrific market and continue to target 15 per growth in underlying earnings per share for the 2007/08 financial year."

 

IOOF prepares for growth
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