IOOF has completed the sale of its 70 per cent holding in wealth management group Ord Minett for $115 million.
IOOF confirmed the sale completion yesterday, with a consortium of private investors led by Ord Minnett taking the stake as part of their new full ownership of the company.
The divestment was first publicised in June, with giants IOOF and JPMorgan both agreeing to cast off their respective stakes to the private investors.
JP Morgan held 30 per cent ownership.
Ords had been under IOOF and JPMorgan ownership for more than a decade.
Renato Mota, chief executive of IOOF said: “This is a timely opportunity for IOOF to divest its holding in Ord Minnett as we recalibrate our business and focus on our core wealth management capabilities.”
Ords has reported it holds more than $35 billion in funds under advice.
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].