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IOOF business snapped up for $50m

IOOF business snapped up for $50m

James Mitchell
— 1 minute read

A financial technology and infrastructure company has announced plans to acquire an Australian corporate trust business for $51.6 million.

Sargon will buy the IOOF-owned Australian Executor Trustees (AET) Corporate Trust, which currently has $30 billion in funds under supervision.

Sargon chief executive Phillip Kingston welcomed today’s announcement acknowledging the complementary fit between Sargon and AET Corporate Trust.

“During the past two years, Sargon has made a number of strategic acquisitions to bolster our capability and scale in trustee and custodian services, to ultimately deliver the best possible outcomes for our clients,” Mr Kingston said.

“Each of the companies acquired by Sargon ultimately use our proprietary infrastructure and technology to deliver an intuitive, seamless and efficient experience for their clients.

“Through a powerful combination of technology and industry experts, we’re helping our clients navigate regulatory complexity, as well as mitigate security and compliance risks so they can focus on growth.”

Completion of the acquisition is contingent on customary transaction conditions.

 

IOOF business snapped up for $50m
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